A Payment Solution Service Providers (PSSP) licence is a financial licence usually owned by financial technology businesses. A PSSP licence enables businesses to provide electronic payment services, manage and process transactions, and provide technical services related to digital payments. It is important to note that this license does not authorize the licensee to hold customers' funds or create and issue wallets.
The Central Bank of Nigeria (CBN) is the regulatory body that issues PSSP licenses in Nigeria and also oversees the activities of PSSP licensees in Nigeria. This license is mostly used by financial technology (Fintech) companies such as Afara Partners Limited, Akupay Services Limited, Aliancepay Limited, Angala Financial Technologies Limited, Appmart Integrated Limited, Bestaff Payment Solutions Limited and a host of others
Who can Apply for a PSSP Licence in Nigeria
A company that is duly registered with the Corporate Affairs Commission (CAC) in Nigeria with the required minimum share capital can apply for a PSSP licence in Nigeria.
Can a Foreigner obtain a PSSP License in Nigeria
A foreigner can obtain and a PSSP license in Nigeria as far as the necessary requirements are met.
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