What Tasks Businesses Should Delegate for an Improved Work Efficiency?

For any business to run effectively, it must be running on all cylinders. A common mistake that businesses make is trying to do everything themselves. Delegating means not taking on several tasks at once because this would result in an inability to complete them properly or even at all. Delegating also means fewer mistakes are made, which allows for better use of company assets and more time spent completing jobs well the first time instead of having to repeat work already done.

So, what are the tasks businesses should delegate for improved work efficiency?

Back Office Tasks

Many businesses have their own back office area to carry out tasks such as book-keeping. Contact centre specialists from TSA Group recommend delegating this task and other back-office functions internally to other departments or externally to outsourcing agencies. What it means for your business is that departments or individuals will be free of the stress involved with these tasks, allowing them to focus on other duties. This is an essential part of running a business and should always be delegated.


Businesses can also delegate the task of hiring new employees. Recruiting is one of the most expensive and time-consuming tasks in a business.  It involves advertising, interview selection, background checks, negotiation with references or current employer, training, etc.  In order to be productive with their work, businesses should delegate this task so they can put more focus on other areas where they are weaker.  An example would be to hire an HR company that will handle these details for you while keeping your management informed about the progress made at all times.

Performance Reviews

Delegate the task of conducting performance reviews to team members. If you want to go even further than just delegating this task, consider having one team member responsible for organising the entire process. Many companies are hesitant to delegate this task because they feel it needs to be done by a manager who can provide constructive criticism which will contribute to the employee’s development. However, many managers may run into problems with giving their employees honest feedback which may lead to an uncomfortable work environment or even hinder communication between them.  Instead of putting the burden on one person, have every team member take turns providing feedback so no one person is overburdened and specific feedback can be provided for each individual team member’s growth.

Project Management

Businesses can delegate tasks within projects. Instead of assigning your entire project to one person, give everyone some sort of responsibility so that no matter who becomes unavailable, the project will still be able to continue.

Many people are hesitant to delegate this task because they feel it’s too complex or that an Assistant is needed to manage it properly.  However, if you have more than one manager then there should be more than one person who can take the lead of the project while letting everyone else contribute their part. Even if not every team member has all the specific skills required for each part of the project, let them work with someone who does in order to get something accomplished instead of nothing at all.  The most important thing is that they must be proactive and do what is necessary without having to ask permission or guidance every step of the way.

High-Level Tasks

Middle management is usually comprised of high-level managers or supervisors who are often occupied with many different tasks, some of which they may not necessarily be good at. These key players can benefit highly from delegating some responsibilities to new recruits under them who are fresh out of college or university with various skills and ideas for improvement within the company. It would also help these middle managers concentrate on more important tasks themselves, helping benefit the business. This is an essential part of running a business and should always be delegated.


For larger businesses, this task can include everything from turning down complaints to creating marketing campaigns. This is one of the most important jobs within the company but often takes up much more time than it would benefit your company to spend on it. As before, new recruits under you with fresh ideas could help benefit the business massively by carrying out these tasks instead of yourself. This is crucial when expanding our business into other markets that you have little experience in or don’t understand fully yet.

As businesses try to stay relevant in the modern technological world we live in, we must keep up with all of the advances that technology has to offer. This would mean companies need to find ways of staying competitive without requiring employees to work long hours or not having enough time for important tasks which will help drive their company forward. Delegating certain duties can provide a solution for this problem but it needs to be done properly so as not to cause additional problems down the road. By delegating tasks strategically, businesses can enjoy increased efficiency without sacrificing quality or core values.

Procedure for Obtaining Mobile Money Operator License in Nigeria

On 3rd August 2021, the recent Central Bank of Nigeria (“CBN”) released the Guidelines for the Establishment and Regulation of Payments Service Holding Companies (“PSHC”) in Nigeria. The Guidelines requires companies that intend to offer both switching and processing and mobile money services to set up a PSHC structure.

The Guidelines defines PSHC as a company whose principal object clause is to be a holding company set up for the purpose of making and managing equity investment in 2 (two) or more companies, being its subsidiaries, which are payment service providers across the following categories:

  1. Mobile Money Operations (“MMO”)
  2. Switching and Processing
  3. Payment Solution Services.

(A) Share capital

The minimum issued share capital of a company seeking to apply for an MMO license is N2,000,000,000.00 (Two Billion Naira) (approximately US $ 3, 703, 704 (Three Million, Seven Hundred and Three, Seven Hundred and Four United States dollars) at 540 naira per dollar.

The PSHC and MMO are in the same category with the switching and processing and payment solution services subsidiary companies in terms of the minimum share capital requirement of N 2, 000,000,000.00 (Two Billion Naira) share capital which must be deposited with CBN before the completion of the license application process.

(B) Procedure for Obtaining a Mobile Money Operator License

The licensing requirement as provided in the CBN guideline requires the promoters of the companies to submit a formal application for the grant of a License addressed to the Director, Payments System Management Department of the CBN.

The licensing process shall be in two phases: Approval-in-Principle (AIP) and Final License stage.

(C) Requirements for Grant of Approval-In-Principle (AIP)

The application shall be accompanied with the following:

  • A non-refundable application fee of N1, 000,000.00 (One Million Naira) (approximately US $ 1, 852 (One Thousand, Eight Hundred and Fifty Two United States dollars) or such other amount that the CBN may specify from time to time; payable to the CBN, through electronic transfer.
  • Evidence of meeting the prescribed minimum paid-up capital subject to the satisfaction of the CBN.

Detailed business plan or feasibility report which shall, at a minimum, include:

  • Objectives of the PSHC and those of the subsidiaries it intends to establish/acquire.
  • Justification for applying for the payments service holding company.
  • Ownership structure in a tabular form indicating the name of proposed investor(s), profession/business and their percentage shareholdings.
  • Bio-data, resume/curriculum vitae of proposed investors.
  • Indication of sources of funding of the proposed equity contribution for each investor.
  • Where the source of funding the equity contribution is a loan, it shall be a long term facility of, at least, a 7-year tenor, and shall not be obtained from the Nigerian banking system or foreign subsidiaries of Nigerian banks.
  • Corporate Governance Charter of the PSHC stating the roles and responsibilities of the board and its sub-committees, among other things.
  • Criteria for selecting board membership.
  • Bio-data and detailed resumes of directors and board composition.
  • List of identified top/senior management staff, bio-data and detailed resumes stating qualifications, experiences, records of accomplishment, etc.
  • National or Government issued identity documents (International Passport, etc.) bio-data and Bank Verification Numbers (BVNs) of proposed Board and management staff of the company.
  • The Tax Identification Number (TIN) of the company and its Tax Clearance Certificate where applicable.
  • A schedule of services that will be shared in the group.
  • Five-year financial projection on the operations of the PSHC indicating expected growth and profitability, and details of the assumptions that form the basis of the financial projection.
  • Details of Information Technology (IT) infrastructure proposed to be deployed.
  • Information on and pictorial representation of the corporate group structure with shareholding percentage by the PSHC in each of the subsidiaries and their principal businesses and registered Head offices.
  • A written and duly executed undertaking by the promoters that the PSHC shall be adequately capitalised for the volume and character of its business at all times, and that the PSHC shall be under the supervisory authority of the CBN, as an Other Financial Institution (OFI).
  • For regulated foreign institutional investors, the CBN shall require a no objection letter from the regulatory body in the home country.
  • Shareholders’ agreement providing for disposal/transfer of shares as well as authorisation, amendments, waivers, reimbursement of expenses, etc.
  • Statement of intent to invest in the PSHC to be made by each investor in the PSHC.
  • Technical Services Agreement, where applicable.

Draft copy of the company’s Memorandum and Articles of Association (MEMART). At a minimum, the MEMART shall contain the following information:

  • Proposed name of the PSHC.
  • Object clause which shall be limited to the permitted activities of its license.
  • Subscribers to the MEMART.
  • Procedure for amendment.
  • Procedure for share transfer or disposal.
  • Appointment of directors.
  • Where the promoters of the PSHC are corporate investors, the CBN shall require them to forward the following additional documents.
  • Certificate of Incorporation.
  • Board resolution supporting the company’s decision to invest in the equity shares of the proposed PSHC.
  • Names, biometrics, BVNs and addresses (business and residential) of owners, directors and their related companies, if any.
  • Audited financial statements and reports of the company, including Tax Clearance Certificate for the immediate past 3 years.
  • Certified True Copies of the company’s CAC forms showing the details of allotment and particulars of directors.
  • Any other document/information that the CBN may require from time to time.
  • If satisfied with the application of the promoter(s), the CBN may grant an Approval in Principle (AIP).


The AIP stage usually takes a period of between 2-3 months to process.

(D) Requirements to Incorporate an MMO company

Companies in Nigeria are incorporated at the Corporate Affairs Commission (CAC). The requirements for incorporating a company are as follows:

  1. 2 (two) unique names of the proposed company to be reserved at the CAC;
  2. Name, address, phone number, email and means of identification of at least 2 Directors, one of which must be a Nigerian or a foreigner with business permit to carrying on business in Nigeria;
  3. Name, address, phone number, email, means of identification of at least one Share holder and in the case of corporate shareholder its incorporation Certificate and Board Resolution to acquire shares in the proposed company;
  4. Objects of the proposed company;
  5. Nigerian address, phone number and email of the proposed company;
  6. Special Articles of Association of the proposed company ;
  7. Name, address, phone number, email, means of identification of Company Secretary;
  8. Approval in Principle from CBN;
  9. Payment of statutory filing fees and stamp duty.


The incorporation stage will take a period of 7-10 business days.

(E) The Requirements for Granting a Final License

Within six (6) months after obtaining the AIP and incorporation of the company, the promoters of a proposed PSHC shall submit an application to the CBN for the grant of a final license.

The application shall be accompanied with the following:

  • Non-refundable licensing fee of N5,000,000.00 (Five Million Naira) (approximately US $ 9, 259), or such other amount that the CBN may specify from time to time, payable to the Central Bank of Nigeria by electronic transfer.
  • Evidence of promotion or investment of a payment service company.
  • Evidence of payment of capital contribution by each shareholder.
  • Evidence of location of Head Office (rented or owned) for the take-off of the PSHC.
  • Schedule of changes, if any, in the Board, Management, IT infrastructure and significant shareholding since the grant of AIP.
  • Evidence of ability to meet technical requirements and modern infrastructural facilities such as office equipment, computers, telecommunications, etc. to perform PSHC operations and meet CBN and other regulatory requirements.
  • Organisational structure, showing functional units, responsibilities, reporting relationships and grade (status) of heads of departments/units.
  • Board and staff training program.


The Final Licence stage usually takes a period of between 2-3 months to process.

(F) Requirements for Commencement of Operations

Upon obtaining the Final Licence, the PSHC shall inform the CBN of its readiness to commence activities and such information shall be accompanied with one copy of each of the following:

  1. Shareholders’ Register.
  2. Share certificate issued to each investor.
  3. Enterprise Risk Management Framework (ERMF).
  4. Internal Control Policy.
  5. Minutes of pre-commencement board meeting.
  6. Opening statement of affairs signed by directors and auditors.
  7. Date of Commencement of Activities.

(G) Conclusion

In order to manage financial risks and for efficiency of the business, the CBN expect promoters of a Mobile Money Operator company to form at least 3 (three) companies; first, the PSHC which is the holding company; second, a mobile money operator subsidiary and third, the switching and processing subsidiary. Each of the 3 (three) companies shall have a minimum share capital of N 2, 000, 000, 000 (Two Billion naira).

Fred-young & Evans LP

Fred-young & Evans LP