Protect payment license easily

Aug 6th, 2022
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How to protect payment license

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With Glos MoneyMaster, Nigeria now has 5 payment service banks - Businessday NG.
Payment Service Banks (PSB) To obtain a PSB licence in Nigeria, startups must: Submit an application to the CBN with a proposed Memorandum of Association and the proposed name of the company. Pay an application fee of ₦500,000.
With the new PSB license, MTNs MoMo PSB can: Engage in different forms of local payments including merchant payments, bill payments, and person-to-person transfers. Provide inbound remittance services. Issue prepaid and debit cards. Provide POS and ATM services.
Registration of the company with the Corporate Affairs Commission. The minimum share capital of a Payment Terminal Services Provider company is ₦100 Million. An application must be made to the CBN with all accompanying documents. The application fee is ₦100,000 while the licensing fee is ₦1 Million.
The following are the documents required for Payment Gateway registration: Certificate of Incorporation. Pan Card of the directors. Digital Signature Certificate of the directors. Address proof. Details of the bank accounts. Business plan for the next 5 years. GST registration certificate. Software code of the gateway system.
Fincra, a Nigerian fintech startup, has received the payment service solution provider (PSSP) licence from the Central Bank of Nigeria (CBN). The approval for the PSSP licence comes six months after the four-year-old startup received an approval-in-principal from Nigerias apex bank.
Telecommunications giant, MTN Nigeria has been granted final approval to operate mobile money (MoMo) payment service bank (PSB) licence in Nigeria.
2.3. 1 Seven key payment services The licensing framework regulates seven key payment services: a) account issuance service; b) domestic money transfer service; c) cross-border money transfer service; d) merchant acquisition service; e) e-money issuance service; f) DPT services; and g) money-changing service.

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