The Central Bank of Nigeria has granted final licences to three Payment Service Banks (PSBs) to start operation.
The final approval to the three banks to operate follows their compliance with the licensing requirements as stipulated by the apex bank.
CBN disclosed this through its official Twitter handle on August 28, 2020.
The PSBs that were newly granted approval include Hope PSB, Moneymaster PSB and 9 PSB.
The final approval came after the CBN had issued a revised guideline for the licensing and regulation of PSBs in Nigeria on Friday.
The first guideline for the PSBs was issued on October 26, 2018.
The CBN tweet read in part, “Three PSBs have also been granted final approval to operate as PSBs following compliance with licensing requirements.”
While disclosing that the licensing of the new PSBs would strengthen Nigeria’s financial inclusion drive, leveraging mobile and digital channels, CBN expressed its commitment to the implementation of policies that would engender diverse financial systems that meet stakeholders’ needs.
The apex bank also said it would continue to monitor developments in the sector and grant additional PSB licences in due course.
PSBs refer to a new category of banks with smaller-scale operations and the absence of credit risk and foreign exchange operations. In addition to operating current and savings accounts, they can also offer payments and remittance services, issue debit and prepaid cards, deploy Automated Teller Machines and other technology-enabled banking services.
They are to facilitate high volume low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment to further deepen financial inclusion.
