How to Obtain a Payment Solution Service Providers Licence in Nigeria

Banking and Finance Law, Business Advisory, Capital Markets, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Investment Law, Startups and MSME Law

A Payment Solution Service Providers (PSSP) licence is a financial licence within the payments system which is issued by the Central Bank of Nigeria (CBN). A PSSP licence authorizes the licensee to provide and operate payment processing gateway and portals, solution/application development, and merchant service aggregation and collections services. A  PSSP license does not provide the authorization to hold customers’ funds or create and issue wallets. PSSPs are predominantly Financial Technology (FinTech) companies that enable  and facilitate  online and offline payments solutions which include collections, check-out, biller aggregation and payout services.

Legal Recap

Goldsmiths Solicitors – Legal Recap for the Year 2022

Business Advisory, Capital Markets, Corporate & Commercial, Corporate Restructuring and Insolvency, Energy & Natural Resources, Financial Services, Financial Technology (FinTech), Immigration, Innovation and Technology, Insights, Litigation and Alternative Dispute Resolution (ADR), Media and Entertainment, Public Sector, Real Estate, Sports Law, Startups and MSME Law, Taxation Law, Telecommunications

2022 has been an incredibly busy and exciting year in the Nigerian legal and regulatory environment. There were major and far-reaching changes ushered in by the regulatory authorities particularly the Central Bank of Nigeria (CBN). There were also major developments relating to Banking and Finance, Competition and Consumer Protection, Startups, Capital Markets, Insolvency, etc. In this article, we have highlighted some of the major legal, regulatory, and judicial changes that occurred in 2022.