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The Central Financial institution of Nigeria (CBN) has granted ultimate licenses to three Fee Service Banks (PSBs) to start out operation.
The ultimate approval to the three Fee Service Banks to function follows their compliance with the licensing necessities which have been stipulated by the apex financial institution.
That is disclosed in a tweet publish by the Central Financial institution of Nigeria by means of their official Twitter deal with on Friday, August 28, 2020.
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The three Fee Service Banks that have been newly granted ultimate approval by the CBN are Hope PSB, Moneymaster PSB and 9 PSB.
The ultimate approval is coming after the CBN issued an up to date and revised guideline for the licensing and regulation of Fee Service Banks in Nigeria on August 27, 2020. The primary guideline for the PSBs was issued on October 26, 2018.
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The tweet publish from the Central Financial institution of Nigeria reads, ‘’Three Fee Service Banks (PSB) have additionally been granted ultimate approval to function as PSBs following compliance with licensing necessities;
- Hope PSB
- Monermaster PSB
- 9 PSB
Again story:
The CBN, whereas disclosing that the licensing of the brand new Fee Service Banks will strengthen Nigeria’s monetary inclusion drive leveraging cellular and digital channels, has expressed its dedication in direction of the implementation of insurance policies that can engender a various monetary system that meets the wants of all stakeholders.
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The CBN additionally stated that it’ll proceed to watch developments within the sector and grant further PSB licenses sooner or later.
Fee service banks discuss with a brand new class of the financial institution with smaller-scale operations and the absence of credit score threat and overseas alternate operations. Along with working present and financial savings accounts they will additionally supply funds and remittance providers, subject debit and pay as you go playing cards, deploy ATMs and different technology-enabled banking providers.
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The PSBs are to facilitate excessive quantity low-value transactions in remittance providers, micro-savings and withdrawal providers in a secured technology-driven atmosphere to additional deepen monetary inclusion.
Three (three) Fee Service Banks (PSB) have additionally been granted ultimate approval to function as PSBs following compliance with licensing necessities:
a. Hope PSB
b. Moneymaster PSB
c. 9 PSB— Central Financial institution of Nigeria (@cenbank) August 28, 2020
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