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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

CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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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.

 


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E-Financial

Gtb Increases SMS Transaction Alert Fee Today

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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


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E-Financial

Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

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Yetunde Oni, MD/CEO, Union Bank
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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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