CBN approves three payment service banks

Central Bank of Nigeria (CBN) has issued approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).

They are Hope PSB, Money Master PSB, and 9PSB.

This statement was in line with the objective of enhancing financial inclusion and the development of the payment system

The approval will increase access to deposit products and payments services through a secured technology-driven environment,

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 fulfill in order to be granted the license to operate as fully-fledged Payment Service banks.

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“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 are expected to submit their respective applications for the grant of a final license, not later than six months after the AIP.

Speaking further, he disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.