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CBN approves 3 firms to operate as Payment Service Banks

CBN reschedules May MPC meeting

The Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three firms to operate as Payment Service Banks (PSBs).

Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor disclosed this on Wednesday where he said the decision is in line with the apex bank’s objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.

The three institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB and 9PSB.

Okorafor explained that the approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged Payment Service banks.

According to him, the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.

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 licence, 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.

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