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The Central Bank of Nigeria (CBN) has announced that it has approved final licenses to three firms to operate as Payment Service Banks (PSB).

The three firms are Hope PSB, Moneymaster PSB, and 9 PSB.

The approval is sequel to a revised CBN circular containing the Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria first issued on October 26, 2018.

CBN said in a statement that the firms granted final approval to operate as PSBs followed and complied with licensing requirements adding that the new PSBs will reinforce Nigeria’s financial inclusion drive.

“The licensing of the new PSBs will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels.

“The CBN is committed to the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.

“We will continue to monitor developments in the sector and grant additional PSB licenses in due course,” the statement concluded.

Musa Suleiman
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