The Central Bank of Nigeria (CBN) regulates the payment industry in Nigeria.
The CBN has four license categories as follows:
Card/Payment Schemes.
Mobile Money Operator Licence Category.
Switching & Processing Licence Category.
Payment Solution Services Licence (PSS) Category.
Payment Solution Service Provider (PSSP) Authorisation,
Payment Terminal Services Provider (PTSP) Authorisation,
Super-Agent Authorisation, and
Payments Service Holding Category.
The licensed payment service providers under the different categories as of August 2023 are as follows:
Card/ Payment Schemes
3Line Card Management Limited
Afrigo Financial Services Limited
American Express International
Mastercard International
Payattitude
Unionpay International
Verve International
Visa International Service Association
Mobile Money Operator Licence Category
Switching & Processing Licence Category
Payment Solution Service Provider (PSSP) Authorisation
Payment Terminal Services Provider (PTSP) Authorisation
Super-Agent Authorisation
Payments Service Holding Category
Lastly, following the implementation of Cheque Truncation, there is only one (1) Clearing House in Nigeria, which is the Nigeria Inter-Bank Clearing and Settlement System (NIBSS).
Key Payments System Guidelines
Source: Central Bank of Nigeria. https://www.cbn.gov.ng/Paymentsystem/PSPs.asp
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