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Payment Service Providers
Payment platforms are the lifeblood of digital commerce. We assist payment service providers, gateways, and aggregators in securing central bank authorizations and setting up risk controls.
Regulatory Challenges
- Strict central bank capital adequacy requirements
- Data localization and local hosting requirements for transaction records
- Complex technical security and vulnerability audits required by regulators
- Interoperability and clearing house requirements
How TechLaw Africa Helps
- ✓Full PSP license application management
- ✓Drafting localized data security and operational policies
- ✓Liaising with central banks (e.g., CBK, CBN, BoG) on technical requirements
- ✓Independent compliance reviews prior to regulatory audits
Q&A
Frequently Asked Questions
Q: How long does it take to secure a PSP license in East or West Africa?
Timelines range from 9 to 18 months depending on the jurisdiction and the completeness of the application. Having pre-audited cybersecurity reports and local corporate structures dramatically speeds up the process.
Q: Do we need to store customer data locally within the country of operation?
Yes, many African central banks and data commissions (like in Kenya and Nigeria) require primary transaction and customer database servers to be hosted within national borders, with cloud mirrors allowed only under specific controls.
Launch Your Platform Compliantly
Get a tailored analysis of the licensing requirements and timelines for your launch markets.