CBN grants three firms AIPs to operate as payment service banks

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

The apex bank said the AIPs is in line with its 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.

Isaac Okoroafor, CBN’s corporate communications director 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 Okorafor, the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.

He said the new PSBs are expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.

He further disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.

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