Home » FinTech » CBN Issues Final Licenses to 9 PSB, Hope PSB and Moneymaster PSB

CBN Issues Final Licenses to 9 PSB, Hope PSB and Moneymaster PSB



The Central Bank of Nigeria (CBN) has granted final licenses to 3 Payment Service Banks (PSBs) to start operation. They are 9 PSB, Hope PSB and Moneymaster PSB

The final approval to the 3 Payment Service Banks to operate follows their compliance with the licensing requirements which were stipulated by the apex bank.

Hope PSB is a subsidiary of Unified Payment (UP), Nigeria’s premier fintech firm owned 100% by a consortium of banks. Moneymaster PSB is a subsidiary of Glo Mobile, the largest indigenous mobile network operator while 9PSB is owned by 9Mobile, another indigenous mobile network operator.

The final approval is coming after the CBN issued an updated and revised guideline for the licensing and regulation of Payment Service Banks in Nigeria on August 27, 2020. The first guideline for the PSBs was issued on October 26, 2018.

The three PSBs must have met CBN’s requirements for the granting of the final licenses. The requirement include the following:

Not later than six (6) months after obtaining the A.I.P, the promoters of a proposed PSB shall submit application for the grant of a final licence to the CBN.

The application shall be accompanied with the following:

  1. Non-refundable licensing fee of N2,000,000.00 (Two Million Naira Only) in bank draft payable to the Central Bank of Nigeria;
  2. Certified True Copy (CTC) of Certificate of Incorporation of the bank;
  • CTC of MEMART;
  1. CTC of Form CAC 1.1; 14 Classified as Confidential
  2. Evidence of location of Head Office (rented or owned) for the takeoff of the business;
  3. Schedule of changes, if any, in the Board and Shareholding after the grant of AIP;
  • Evidence of ability to meet technical requirements and modern infrastructural facilities such as office equipment, computers, telecommunications, to perform the bank’s operations and meet CBN and other regulatory requirements;
  • Copies of letters of offer and acceptance of employment in respect of the management team; ix. Detailed resumes of top management staff ;
  1. Completed Fitness and Propriety Questionnaire; and sworn declaration of net worth executed by top management staff;
  2. Bank Verification Number (BVN) and Tax Clearance Certificate of each top management staff;
  3. Comprehensive plan on the commencement of the bank’s operations with milestones and timelines for roll-out of key payment channels; and
  • Board and staff training programme.