CBN issues Approvals-In-Principle to 3 Payment Service Banks

The Central Bank of Nigeria (CBN) has issued Approval-In-Principle to three Payment Service Banks (PSBs) – Hope PSB, Money Master PSB and 9PSB.

This was revealed by Isaac Okoroafor, CBN’s Director of Corporate Communications in Abuja today. He 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.

As these PSBs have received the Approvals-In-Principle, the promoters of the PSBs would be expected to submit the application for the grant of a final license to the CBN.

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According to the apex bank, the key objective of Payment Service Banks is to enhance financial inclusion in rural areas by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other entities through high-volume low-value transactions in a secured technology-driven environment.

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