The Central Bank of Nigeria has announced the approval of final licenses to three Payment Service Banks (PSB).
According to CBN, the license approval is in line with the achievement of its National Financial Inclusion Strategy (NFIS), which seeks to ensure that over 80 percent of the bankable adults in Nigeria have access to financial services by 2020.
The CBN in collaboration with stakeholders launched the NFIS on 23rd October 2012, intending to reduce the exclusion rate to 20 percent by 2020.
The three PSB that were granted final approval to operate as PSBs following compliance with licensing requirements are;
- Hope PSB
- Moneymaster PSB
- 9 PSB
PSBs are expected to leverage on mobile and digital channels to enhance financial inclusion, and stimulate economic activities at the grassroots through the provision of financial services.
Also, PSBs are envisioned 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, according to CBN.
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The apex also on August 27, 2020, revised the Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria, first issued on October 26, 2018.
It said that the update and review of the Guidelines for Payment Service Banks were in response to market developments since 2018.
CBN stressed that it is committed to the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders. Adding that it will continue to monitor developments in the sector and grant additional PSB licenses in due course.
Written by;
Ifunanya Ikueze
