Finance · Nigeria
Obtain a payment service (fintech) licence (CBN)
License a payment company with the CBN: choose category (Switching, MMO, PSSP, PTSP, Super-Agent) → deposit capital & apply → Approval-in-Principle → final licence.
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Who you will deal with
The steps
- Choose the PSP category
- Central Bank of Nigeria (CBN)
- Categories & capital: Switching & Processing ₦2bn; Mobile Money Operator (MMO) ₦2bn (only MMOs may hold customer funds); Payment Solution Service Provider (PSSP) ₦100m; Payment Terminal Service Provider (PTSP) ₦100m; Super-Agent.
- Chosen category; business model
- Selection
- Deposit capital and apply
- Central Bank of Nigeria (CBN)
- Deposit the category minimum with the CBN before the application (e.g. PSSP/PTSP ₦100m; Switching/MMO ₦2bn) and incorporate with matching objects.
- Capital deposit; incorporation; application
- Application stage
- Approval-in-Principle
- Central Bank of Nigeria (CBN)
- The CBN reviews the application and grants Approval-in-Principle.
- Complete application; fit-and-proper management
- AIP phase
- Final licence
- Central Bank of Nigeria (CBN)
- Satisfy conditions, integrations and inspection; the CBN grants the final PSP licence.
- Met conditions; systems integration
- On approval
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.