The Central Bank of Nigeria on Wednesday granted approvals-in-principle (AIP) to three new Payment Service Banks (PSBs) in the country.
The CBN spokesperson, Isaac Okorafor, said the new institutions, issued approvals in principle to operate as Payment Service Banks, are Hope PSB, Money Master PSB and 9PSB.
The approval was part of the processes the institutions had to fulfil in order to be granted a license to operate as fully-fledged Payment Service banks. Mr Okorafor said the CBN’s code of corporate governance for banks would also be applicable to the new PSBs.In line with the National Financial Inclusion Strategy , the CBN seeks to ensure that over 80 per cent of the bankable adults in Nigeria have access to financial services by 2020.
The studies were to facilitate the licensing and operations of PSBs in the country to utilise the mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through financial services.The PSBs would operate mostly in the rural areas and unbanked locations with the financially excluded persons as targets including not less than 25 per cent of financial service touchpoints in such rural areas as may be defined by the CBN.
Other approved services for the PSBs include the operation of the electronic wallet; render financial advisory services; invest in federal government and CBN securities as well as carry out such other activities as may be prescribed by the CBN.
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