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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    Federal Government approves 30-year concession for Enugu Airport

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    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

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    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

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    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

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    Buhari says Nigeria security and economy improved during his tenure

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CBN approves Final Licenses to three Payment Service Banks

Friday, 28 August 2020, 3:37 pm
in News, Nigeria
0
CBN approves Final Licenses to three Payment Service Banks
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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;

  1. Hope PSB
  2. Moneymaster PSB
  3. 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.

Have you read?

  •  Nigeria’s Manufacturing Sector Contracts in August for the fourth consecutive months
  • Capital Importation into Nigeria slumps by 78% in Q2 with Loans accounting for 56% of the total amount

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

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