CBN Grants AIP To Three PSBs

Three institutions namely Hope PSB, Money Master PSB and 9PSB.have been granted Approval in Principle (AIP) operate as Payment Service Banks (PSB) by the Central Bank of Nigeria (CBN).

The Central Bank maintained that the measure became necessary to further enhance financial inclusion and improve the nation’s payment system..

The apex bank further explained that it hopes by this action to deepen the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.

Director of Corporate Communications Department of the apex bank, Isaac Okoroafor while disclosing that the CBN code of corporate governance for banks would also be applicable to the PSBs, insisted that the approval in principle was part of the processes the institutions had to fulfill in order to be granted license to operate as fully-fledged Payment Service banks.

Okorafor, further stated that the decision of the CBN to issue the AIP to the applicants is sequel to the satisfaction of documentation and other laid down conditions by these institutions.

To this end, Okoroafor said with the issuance of the AIP to the three PSBs, they are expected to forward their respective applications for the grant of a final licence, not later than six months after the AIP.