Legal Question in Banking Law in Nigeria
@israel usman, if i weren't dealing with the banks and with switches, would i still require certification. in the present system, the banks only come in when employees deposit money into the cafeteria account at the bank, after that we use the "account statement" pdf file to manually add value to the cards, the cards were purchased and programmed by us. No switches are involved.
1 Answer from Attorneys
I am not sure I understand the scheme you have in mind. If you will be issuing cards for use on POS at the cafeteria, the backend will require switching and integration with bank accounts, including yours.
It is also common to start a scheme only for CBN to say you needed or do not need any kind of approval from them.
To be on the safe side. I suggest you visit CBN's office.
I also assume there will some kind of Merchant Agreement with the Cafeteria unless you own the cafeteria
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