FINANCIAL SERVICESCBN grants licenses to 3 Payment

 

The Central Bank of Nigeria (CBN) has granted final licenses to 3 Payment Service Banks (PSBs) to start operation.

The final approval to the 3 Payment Service Banks to operate follows their compliance with the licensing requirements which were stipulated by the apex bank.

This is disclosed in a tweet post by the Central Bank of Nigeria through their official Twitter handle on Friday, August 28, 2020.

The 3 Payment Service Banks that were newly granted final approval by the CBN are Hope PSB, Moneymaster PSB and 9 PSB.

The final approval is coming after the CBN issued an updated and revised guideline for the licensing and regulation of Payment Service Banks in Nigeria on August 27, 2020. The first guideline for the PSBs was issued on October 26, 2018.

first bank

The tweet post from the Central Bank of Nigeria reads, ‘’Three Payment Service Banks (PSB) have also been granted final approval to operate as PSBs following compliance with licensing requirements;

Hope PSB

Monermaster PSB

9 PSB

Back story:

 

The apex bank, while disclosing that the licensing of the new Payment Service Banks will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels, has expressed its commitment towards the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.

The CBN also said that it will continue to monitor developments in the sector and grant additional PSB licenses in due course.

Payment service