CBN issues licence to Glo, 9Mobile, UP subsidiaries for Mobile Money Services

The Central Bank of Nigeria (CBN) gave an official node to telecommunication operators’ push to offer mobile money services in Nigeria as the industry regulator issued final approval to three firms to operate as Payment Service Banks (PSBs) on Friday.

The three firms are Hope PSB a subsidiary of Unified Payment, Globacom’s Money Master and 9Mobile’s 9PSB. The apex had issued Approval-in-Principle (AIP) to the three subsidiaries in September 2019.

“Three Payment Service Banks (PSB) have been granted final approval to operate as PSBs following compliance with licensing requirements: a. Hope PSB b. Moneymaster PSB c. 9 PSB,” the CBN said in a tweet.

With about 5.35 Billion in financial requirements which includes “Minimum capital N5,000,000,000.00, Non-refundable application Fee N500,000.00, Non-Refundable Licensing Fee N2,000,000.00 and change of name fee N1,000,000.00,” as complied from the new circular that has the guideline issued by the central bank for licencing and regulation of Payment Service bank.

At least 30 business names applied for registration as PSBs as of December 2018, according to data from Corporate Affairs Commission (CAC) which BusinessDay saw.
Among the list of applicants were four of the telecommunications companies that operate in Nigeria, MTN, Globacom, Barti Airtel and 9Mobile. Other companies include Probity Payment Service Banks; IFIS; Hope PSB; Goals; A-Tel; among others.

https://businessday.ng/banking-finance/article/cbn-issues-licence-to-glo-9mobile-up-subsidiaries-for-psb-services/amp/