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The procedure for obtaining a PSSP license in Nigeria is as follows: Registration of the company with the Corporate Affairs Commission. The minimum share capital of a Payment Solution Service Provider company is ₦100 Million. An application must be made to the CBN with all accompanying documents.

Payment service providers – also known as merchant service providers or PSPs – are third parties that help merchants accept payments. Simply put, payment service providers enable merchants to accept credit and debit card payments (as well as Direct Debit, bank transfer, real-time bank transfer, etc.)

Payment Service Provider Licensing is a mandatory step for any PSP to operate. PSPs need to ensure the regulatory institutions with a sound business plan for 3 years in advance, financial projections, risk management plan and eligible AML and CTF policies.

Establishing a Payment Gateway without Company registration is not possible. The Company must have a PCI DSS certification. The net worth of the Company should be at least 15 Crore. The net worth should increase to INR 25 Crores within 3 years of operation.

A non-bank PSP is a third-party financial institution that provides retail payment services. Non-bank payment service providers must be either an authorized payment institution or an electronic money institution. Working with a non-bank PSP, a merchant is able to conduct its entire payment process without a bank.

Payment service provider FAQ No, banks are not payment service providers, but they do play a large role in the payment process. Issuer banks provide debit/credit cards and acquiring banks process payments on behalf of the merchant.

Payment services provider (PSP) - This licence allows businesses that provide payment services directly or indirectly through an intermediary (e.g., credit card processing) Electronic money issuer (EMI) - This licence allows organisations or individuals who wish to issue electronic money in their own name.

The procedure for obtaining a PSSP license in Nigeria is as follows: Registration of the company with the Corporate Affairs Commission. The minimum share capital of a Payment Solution Service Provider company is ₦100 Million. An application must be made to the CBN with all accompanying documents.

Payment service providers – also known as merchant service providers or PSPs – are third parties that help merchants accept payments. Simply put, payment service providers enable merchants to accept credit and debit card payments (as well as Direct Debit, bank transfer, real-time bank transfer, etc.)

Payment Service Provider Licensing is a mandatory step for any PSP to operate. PSPs need to ensure the regulatory institutions with a sound business plan for 3 years in advance, financial projections, risk management plan and eligible AML and CTF policies.

Establishing a Payment Gateway without Company registration is not possible. The Company must have a PCI DSS certification. The net worth of the Company should be at least 15 Crore. The net worth should increase to INR 25 Crores within 3 years of operation.

A non-bank PSP is a third-party financial institution that provides retail payment services. Non-bank payment service providers must be either an authorized payment institution or an electronic money institution. Working with a non-bank PSP, a merchant is able to conduct its entire payment process without a bank.

Payment service provider FAQ No, banks are not payment service providers, but they do play a large role in the payment process. Issuer banks provide debit/credit cards and acquiring banks process payments on behalf of the merchant.

Payment services provider (PSP) - This licence allows businesses that provide payment services directly or indirectly through an intermediary (e.g., credit card processing) Electronic money issuer (EMI) - This licence allows organisations or individuals who wish to issue electronic money in their own name.