The Central Bank of Nigeria has issued Approvals-In-Principle to three Payment Service Banks. They are Hope PSB, Money Master PSB, and 9PSB.
The apex bank explained that the development was in line with the objective of enhancing financial inclusion and development of the payment system.
This was disclosed in Abuja by the Director, Corporate Communications Department of the CBN, Isaac Okorafor, who explained that the approval in principle was part of the processes the institutions had to fulfil to be granted the licence 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,” Okorafor noted.
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.
He added that the CBN code of corporate governance for banks would also be applicable to the PSBs.