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E-Financial

NIBSS Orders Banks to Suspend Opay, Flutterwave, Others from Transfer List

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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/NOLICENCEE
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/NOLICENCEE
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.
31ICAD Concord Limited
32Infiniti 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/NOLICENCEE
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
16Cicoserve 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..

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Kuda Co-founder Urges Young Developers to Build Tech with Purpose @NACOSS 2025

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Musty Mustapha, co-founder of Kuda, delivered a compelling keynote address titled ‘Start Small, Build Bold’ at the inaugural NACOSS TechFest on May 13, 2025, held at the University of Ilorin Auditorium.

Organised by the Nigeria Association of Computer Science Students (NACOSS), the event, themed ‘Tech for Good: Creating Solutions for a Better World,’ brought together students, industry leaders, and tech enthusiasts to explore how technology can create meaningful solutions for society.

In his address, Mustapha emphasised the transformative power of technology when grounded in empathy and purpose. Reflecting on Kuda’s journey, he highlighted how addressing real-world challenges like financial exclusion can lead to impactful innovations that resonate with everyday Nigerians.

“Technology isn’t just about what we build; it’s about who we build for,” Mustapha asserted, urging young people in tech to prioritise building solutions that bridge societal gaps instead of chasing fleeting trends. He stressed that genuine innovation stems from understanding and addressing the struggles of individuals, from students burdened by transaction fees to small business owners awaiting timely payments.

Reflecting on Kuda’s origins, he explained how the fintech’s founders identified a critical problem — the exclusion of millions of Africans from modern financial services — and decided to build a solution that was accessible, affordable, and suited to real-world needs. “Real innovation is based on empathy,” he emphasised. “Understanding real struggles is critical to making the world better.”

Mustapha encouraged the audience to keep empathy at the core of their work. “Whether you’re coding your first app, designing a product, or starting a company, ask yourself: Who does this help? What problem does it solve? How does it make someone’s life better?”

Mustapha’s call to action aligns with the broader potential of technology to drive economic change. According to a recent report by research agency, Public First, Artificial Intelligence, for example, is expected to contribute an estimated $15 billion to Nigeria’s GDP by 2030, reflecting a projected annual growth rate of 27.08 per cent from 2025 to 2030.

As Mustapha aptly concluded, “You don’t need permission to create something meaningful. All you need is a clear problem, a bold vision, and the courage to take the first step.”


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E-Financial

Fidelity Bank reclaims trillion-naira market cap as stock rises to ₦21

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Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX).

This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.

According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation.

Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.

With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.

“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”

The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.

That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.

“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”

A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.

According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.

The bank’s Vision 2025 agenda includes expanding internationally—starting with its 2023 acquisition of Union Bank UK—and securing tier-1 status.

Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.

With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.


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FirstBank Hikes SMS Alert Fee from N4 to N6

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FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.

FirstBank Hikes SMS Alert Fee from N4 to N6

In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.

“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”

The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.

“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.

The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.

The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.

The new SMS fee will apply per transaction alert received by customers.

However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.

An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”

 


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