3 PSBs Get CBN’s AIP

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BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs) as part of efforts to enhance financial inclusion in the country.

The move is also in line with the apex bank’s objective of developing the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.

In a statement in Abuja on Wednesday, Director of Corporate Communications Department of the CBN, Isaac Okorafor, listed the three institutions as Hope PSB; Money Master PSB; and 9PSB.

Okorafor explained that the AIP is part of the processes the institutions must fulfil in order to be granted license to operate as fully-fledged Payment Service banks.

According to Okorafor, CBN’s decision to issue the AIP to the three applicants followed the institutions’ satisfactory documentation and fulfilment of other laid down conditions.

The CBN spokesman said sequel to the issuance of the AIP to the three banks, they are expected to submit their respective applications for a final licence, not later than six months after the AIP.

He also stated that the CBN’s code of corporate governance for banks would also be applicable to the PSBs for effective service delivery within the nation’s financial sector.

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