Nigeria Inter-Bank Settlement System (NIBSS) has asked banks to delist Payment Solution Service Providers (PSSPs) Switches and Super Agents from its outward payment or transfer list.
Payment Solution Service Providers licence is an important licence within the Nigerian payment systems which enables the provision of financial services such as the operation of payment processing gateway and portals which is utilized by merchants to accept debit or credit card purchases from customers.
The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks.
The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.
It said, “This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.”
It stressed that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”
NIBSS added, “Another regulatory advice in this regard is the circular with the caption ‘Permissible Services and Products of PSSP Operation in Nigeria’, Ref: BPD/DIR/GEN/CIR/05/004 dated May 11, 2018. Consequent on the above, kindly delist all Switches, PSSPs, and SAs from your NIP Outward Transfer channels only (not inwards).”
To operate in Nigeria’s payment ecosystem, operators must get at least one of the following licences from the CBN: Switching and Processing, Mobile Money Operations, Payment Solution Services, and Regulatory Sandbox.
According to CBN regulations in December 2020, only MMOs with a minimum of N2 billion capital share can hold customer funds.
Here are the list
SWITCHING & PROCESSING LICENCE CATEGORY
| S/NO | LICENCEE |
| 1. | Appzone Limited |
| 2. | Arca Payments Company Limited |
| 3. | Chamswitch Limited |
| 4. | Coralpay Technology Nigeria Limited |
| 5. | eTranzact International Limited |
| 6. | Flutterwave Technology Solutions Limited |
| 7. | Habaripay Limited |
| 8. | Hydrogen Payment Services Limited |
| 9. | Interswitch Limited |
| 10. | Network International |
| 11. | Paystack Payment Limited |
| 12. | Remita Payment Service Limited |
| 13. | Teamapt Limited |
| 14. | Terra Switching & Processing Company Limited |
| 15. | Unified Payment Services Limited |
| 16. | Xpress Payments Solution Limited |
i. PAYMENT SOLUTION SERVICE PROVIDER (PSSP) AUTHORISATION
| S/NO | LICENCEE |
| 1. | Afara Partners Limited |
| 2. | Angala Financial Technologies Limited |
| 3. | Appmart Integrated Limited |
| 4. | Appzone Limited |
| 5. | Artha Fintech Limited |
| 6. | Betastack Technology Limited |
| 7. | Bud Infrastructure Limited |
| 8. | Callphone Limited |
| 9. | Capricorn Digital Limited |
| 10. | CBI Technologies Ltd |
| 11. | Cellulant Nigeria Limited |
| 12. | Centric Gateway Limited |
| 13. | Ceviant Payments Nigeria Limited |
| 14. | Clane Company Nig. Ltd. |
| 15. | Cyberspace Limited |
| 16. | Demerge Nigeria Limited |
| 17. | Dot Financial Inclusion Technologies Limited |
| 18. | Easypay International Limited |
| 19. | Egole Pay Limited |
| 20. | Ercas Integrated Solutions Limited |
| 21. | E-Settlement Limited |
| 22. | Eyowo Integrated Payments Limited |
| 23. | Fincra Technologies Limited |
| 24. | Flutterwave Technology Solutions Limited |
| 25. | Fountain Payment Systems Solution |
| 26. | Gemspay Limited |
| 27. | Global Accelerex Limited |
| 28. | Gpay Instant Solution Limited |
| 29. | GTP Client Services Limited |
| 30. | Hellopay Africa Integrated Service Ltd. |
| 31 | ICAD Concord Limited |
| 32 | Infiniti Segments Limited |
| 33. | Irecharge Technology Innovations Limited |
| 34. | Irofit Technologies LimitedD |
| 35. | Itex Integrated Services Limited |
| 36. | Konetpay Nigeria Limited |
| 37. | Kora Payments |
| 38. | Leadremit Limited |
| 39. | Moneta Technology Ltd |
| 40. | Multigate Payment Limited |
| 41. | Netapps Technologies Limited |
| 42. | Netplusdotcom Nigeria Limited |
| 43. | Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited) |
| 44. | One Payment Limited |
| 45. | Onepipe.Io Services Ltd |
| 46. | Parkway Projects Limited |
| 47. | Payfixy Nigeria Limited (Formerly Innovate 1 Pay Limited) |
| 48. | Paylode Services Limited |
| 49. | Paysure Technologies Limited |
| 50. | Payu Payments Nigeria Limited |
| 51. | Pethahiah Rehoboth International Limited |
| 52. | Prophius Limited |
| 53. | Qrios Networks Limited |
| 54. | Redtech Limited |
| 55. | Resident Fintech Limited |
| 56. | Rexel Limited |
| 57. | Routepay Fintech Limited |
| 58. | Saanapay Corporate Investments Management Limited (SAANACORP) |
| 59. | Shago Payments Ltd |
| 60. | Simplify International Synergy Limited |
| 61. | Soft Alliance & Resources Limited |
| 62. | Spay Business Solutions Limited |
| 63. | Spout Payment Solutions |
| 64. | Stanbic Financial Services Limited |
| 65. | Swift Link-NZ Global Services Ltd. |
| 66. | Teinnovate Capital Limited |
| 67. | Unlimint Nigeria Ltd |
| 68. | Upperlink Limited |
| 69. | Vas2net Technologies Ltd |
| 70. | Venture Garden Nigeria Limited |
| 71. | Vestrapay Nigeria Limited |
| 72. | Voguepay Web Solution Limited |
| 73. | Waxed Mobile Nigeria Ltd |
| 74. | Waya Multilinks Technologies Limited |
| 75. | Woven Finance Limited |
SUPER-AGENT AUTHORISATION
| S/NO | LICENCEE |
| 1. | 3Line Card Management |
| 2. | 5554 Technologies Limited |
| 3. | Accelerex Networks Limited |
| 4. | Africa Mama Atm Limited |
| 5. | Africave Technologies Limited |
| 6. | Airtel Mobile Commerce Nigeria Limited (Airtel) |
| 7. | Allstream Information Technology Solutions Limited |
| 8. | Angala Financial Technologies Limited |
| 9. | Appmart Integrated Limited |
| 10. | ATN Wayya Limited |
| 11. | Betastack Technology Limited |
| 12. | C24 Limited |
| 13. | Callphone Limited |
| 14. | Capricorn Digital Limited |
| 15. | CBI Technologies Ltd |
| 16 | Cicoserve Payments Limited |
| 17. | Citiserve Limited |
| 18. | Clane Company Nig. Ltd. |
| 19. | Connectpoint Technology Solutions Limited. |
| 20. | Crowd Force Limited (Formerly Mobile Forms Limited). |
| 21. | Dot Financial Inclusion Technologies Limited. |
| 22. | Egole Pay Limited. |
| 23. | Errand P Limited. |
| 24. | E-Settlement Limited. |
| 25. | Fountain Payment Systems Solution. |
| 26. | Fucil Datatech Limited. |
| 27. | Gwills Payments Service Limited. |
| 28. | Infibranches Technology Limited. |
| 29. | Innovectives Limited. |
| 30. | Interswitch Financial Inclusion Services Limited. |
| 31. | Irofit Technologies Limited. |
| 32. | Itex Integrated Services Limited. |
| 33. | Kadick Integrated Limited. |
| 34. | Lukeport Nigeria Limited. |
| 35. | Microsystems Investment And Development Limited. |
| 36. | Moneymaster Limited. |
| 37. | Nigerian Postal Service (NIPOST) . |
| 38. | Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited) |
| 39. | Paycluster Technology Limited. |
| 40. | Paygo Limited. |
| 41. | Shago Payments Ltd. |
| 42. | Spout Payment Solutions. |
| 43. | Swift Link-Nz Global Services Ltd.. |
| 44. | Traction Payments Ltd.. |
| 45. | Vatebra Pay Limited.. |
| 46. | Waxed Mobile Nigeria Ltd.. |
| 47. | Y’ello Digital Financial Services.. |