The Central Bank of Nigeria (CBN) released an updated list of Payment Service Providers (PSPs) that it has licensed under the different categories it published in December last year, about a year after it authorized a new license categorization scheme for the country’s payment system. The apex bank, for example, has licensed seven entities under the Card/Payments Scheme category.
3 Line Card Management Ltd, American Express International, Mastercard International (Mastercard), Payattitude, Unionpay International, Verve International, and Visa International Service Association are the organizations involved (Visa).
CBN Approved Payment Service Providers
The CBN also issued fifteen licenses in the category of mobile money operators.
- Chams Mobile
- Etranzact International Ltd
- Fortis Mobile Money Ltd
- Funds and Electronic Transfer (FET) Ltd
- Hedonmark Management Services Ltd
- Mkudi Ltd
- NowNow Digital Services Ltd
- Pagatech Ltd
- Palmpay Ltd.
- Parkway Projects Ltd
- Paycom Nigeria Ltd
- Teasy International Company Ltd
- Visual ICT Ltd
- VTNetwork Ltd
- Zinternet Ltd.
Additionally, CBN licensed nine companies under the Switching and Processing Licence category and thirty companies under the Payment Solution Service Provider (PSSP) Authorization.
The apex bank licensed 15 and 16 entities for the Payment Terminal Service Provider (PTSP) and Super Agent authorizations, respectively.
Y’ello Digital Financial Services Ltd, Nigerian Postal Service (NIPOST), Interswitch Financial Inclusion Services Ltd, and MoneyMaster Ltd are examples of notable companies in the latter category.
According to the New Telegraph, the CBN terminated the licenses of seven dormant payment service providers in December of last year.
According to the apex bank, the seven PSPs had ceased to engage on the sort of business for which their licenses were issued in the country for a continuous period of six months.