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

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.. |
E-Financial
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
E-Financial
Gtb Increases SMS Transaction Alert Fee Today

Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
E-Financial
Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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