Obinna Chima
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to three Payment Service Banks (PSBs).
The three institutions are Hope PSB, Money Master PSB and 9PSB.
The central bank explained that the approvals were line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.
This was disclosed in a statement by the Director, Corporate Communications Department of the CBN, Isaac Okorafor, who explained that the approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged PSBs.
According to Okorafor, the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.
Sequel to the issuance of the AIP to the three banks, he said they were expected to…
Source: Thisday Newspaper
