List of CBN Approved Payment Service Banks in Nigeria

Alt: = "Opay logo"

With the information technology revolution in the banking and financial service ecosystem globally, Central Bank of Nigeria gave operattional license to some payment service banks (PSB). In 2019, the Nigerian government introduced the Shared Agent Network Expansion Service (SANEF) through the Central Bank of Nigeria.

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

The list bellow outlines the payments services banks approved by CBN to operate in Nigeria.

Read also: Untapped Opportunities in Agency Banking and Mobile Money in Nigeria

CBN Licensed Payments Services Banks (PSB)

1. Mastermoney PSB

2. 9 PSB

3. Hope PSB

4. Opay

5. Momo

6. SmartCash

7. TeamApt

8. Paga

9. ESettlement

There are many other fintech startups licensed by CBN  to provide technological solutions in the financial sector of the Nigerian economy. These fintechs provide services on  loans, savings, investments, international remittances, technical infrastructure development and maintenance etc.

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