List Of Payment Service Banks In Nigeria (Check The List)

With the advent of information technology in the banking and financial service ecosystem globally, telecommunication companies are beginning to find their way into the financial sector.

And of course, this is possible due to the Central Bank of Nigeria (CBN’s) approval of operational licenses to some payment service banks (PSB).

Recall that the Nigerian government in 2009 introduced the Shared Agent Network Expansion Service (SANEF) through the Central Bank of Nigeria.

The introduction of the SANEF was necessitated by the revolution in financial technologies and in a bid for the financial inclusion of the unbanked population.

On Monday, April 11, MTN Nigeria received the CBN’s final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

MTN and Airtel Africa had recently received an Approval in Principle (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks as the latter received the CBN’s final approval today to automatically join the list of Payment Service Banks In Nigeria.

With this approval, MTN Nigeria will be joining Moneymaster PSB, a subsidiary of Glo and 9PSB, a subsidiary of 9mobile, to operate in the fintech space.

The list below, however, outlines the payment service banks approved by the CBN and which were contained in a circular released in 2021.

1. Mastermoney PSB

2. 9 PSB

3. Hope PSB

4. MTN