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The Central Bank of Nigeria (CBN) on August 27, 2020 revised the Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria first issued on October 26, 2018.

The update and review of the Guidelines for Payment Service Banks was in response to market developments since 2018.

Three (3) Payment Service Banks (PSB) have also been granted final approval to operate as PSBs following compliance with licensing requirements: 

a. Hope PSB 

b. Moneymaster PSB 

c. 9 PSB

The licensing of the new PSBs will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels.

The CBN is committed to the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.

The CBN will continue to monitor developments in the sector and grant additional PSB licenses in due course.