Nigeria Approves Three New Payment Service Banks

The Central Bank of Nigeria on Wednesday granted approvals-in-principle (AIP) to three new Payment Service Banks (PSBs) in the country.

The CBN spokesperson, Isaac Okorafor, said the new institutions, issued approvals in principle to operate as Payment Service Banks, are Hope PSB, Money Master PSB and 9PSB.

Mr Okorafor said, in a statement in Abuja, that the approval was in line with the CBNs objective of enhancing financial inclusion in the country.

The CBN said the decision is also to boost the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.

The approval was part of the processes the institutions had to fulfil in order to be granted a license to operate as fully-fledged Payment Service banks.

The decision of the CBN to issue the AIP to the applicants followed the institutions satisfaction of documentation and other laid down conditions, he said.

Sequel to the issuance of the AIP to the three banks, he said they were expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.

Mr Okorafor said the CBNs code of corporate governance for banks would also be applicable to the new PSBs.

Nigeria Approves Three New Payment Service Banks