The Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).
The three institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB and 9PSB.
The apex bank, in a statement issued by its Director, Corporate Communications Department of the CBN, Isaac Okorafor, indicated that the action was 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.
According to the Director, the approval in principle was part of the processes the institutions had to fulfil in order to be granted licence to operate as fully-fledged Payment Service Banks.
Okorafor, stated further that the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.
Following the issuance of the AIP to the three banks, the apex bank’s spokesperson stated that they were expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.
On some of the requirements expected to be fulfilled by the PSBs, Okorafor disclosed that that the CBN code of corporate governance for banks would also be applicable to them.
