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Payments System

Introduction | Retails Payments | Modes | Large Value Payments | PSV2020 | Oversight | BVN | Circulars | Guidelines | e-Payment Statistics


In its effort to strengthen the oversight of the payments system, the Bank established the Payments System Policy and Oversight Office, for effective monitoring of existing and planned payments system. The Payment System Policy and Oversight Office activities are:

To perform monitoring and oversight functions (onsite and offsite) on Payment system in Nigeria with particular reference to functions of Switching Companies, Mobile Payment Operators (MPO), Payment Terminals Service Providers (PTSP), Card Scheme Operators and Payment Terminal Service Aggregator (PTSA) and other Payment Service Providers.

The Bank has isusued various licenses to Payment Service Providers for operation in the Nigerian Payments System.

Mobile Money Operators:

Bank Led

  1. Access Bank Plc
  2. Ecobank Nigeria Plc
  3. Fidelity Bank Plc
  4. First Bank of Nigeria Limited
  5. Fortis Mobile Money
  6. GT Bank Plc
  7. Starling Bank
  8. Stanbic IBTC
  9. Zenith Bank Plc


Non-Bank Led

  1. Cellulant Nigeria Limited
  2. Chams Mobile
  3. Eartholeum Networks Limited
  4. eTranzact International Plc
  5. FETS Solution Nigeria Ltd
  6. Hedonmark Management Services Ltdd
  7. MKudi Limited
  8. Pagatech
  9. Parkway Projects Limited
  10. Pay Com Nigeria Limited
  11. Teasy International Company Ltd
  12. VTNetwork Limited
  13. Visual ICT Limited
  14. Zinternet Nigeria Limited


Mobile Money Operators: Approval In Principle (AIP)

Bank Led

  1. Diamond Bank Plc
  2. Union Bank
  3. Sun Trust Savings & Loan Ltd
  4. FCMB


Non Bank Led

  1. MoneyBox
  2. Aurora Wireless Ltd
  3. Intellifin Solution Limited
  4. Wi-Pay
  5. Contec Global Infotech Solution


Payment Terminal Service Providers (PTSP) Licensed

  1. Brinq Africa Payment Solutions Limited
  2. Citiserve
  3. Computer Warehouse Group Plc
  4. Easy Fuel Ltd
  5. E-Top Nigeria Limited
  6. Fidesic Nigeria Limited
  7. Grand Towers Plc
  8. Global Accelerex Limited
  9. Globasure Technologies Limited
  10. Interswitch Limited
  11. Intellin Solutions Limited
  12. iTex Integrated Services Limited
  13. Netop Business Systems Limited
  14. Netplus Strategy & Sales Advisory Ltd
  15. Paymaster Limited
  16. TPS Limited
  17. Unified Payments Services Limited
  18. Wipay Technologies Limited


Payment Terminal Service Providers (PTSP) with Approval-In-Principle

  1. 3Gee Pay Limited
  2. Aurora Wireless Limited
  3. FETS
  4. Soti Investment Ltd
  5. Swiftlink NZ Global Services Limited
  6. Xpress Payments Solution Limited


Switches / Processors

  1. 3-Line Card Management Limited
  2. ChamSwitch
  3. Emerging Markets Payments
  4. e-Revenue Gateway Limited
  5. eTranzact
  6. Interswitch
  7. Nigeria Inter-Bank Settlement System (NIBSS)
  8. Unified Payments Services Limited


Switches / Processors AIP

  1. Xpress Payment Solutions Limited


Payments Solution Service Provider (PSSP) Licensed

  1. Interswitch Nigeria Limited
  2. Parkway Projects Limited
  3. SystemSpecs Limited
  4. Upperlink Limited
  5. Unified Payments Services Limited
  6. Xpress Payments Solutions Limited
  7. Payattitude
  8. Venture Gardens


Payments Solution Service Provider (PSSP) Approval-In-Principle

  1. Epurse Systems Limited
  2. eTranzact
  3. Netplus Strategy & Sales Advisory Ltd
  4. Venture Garden Nigeria Limited
  5. Saana Corporate Investment Management Ltd
  6. Infinity Segments Limited
  7. Flutterwave
  8. Paystack



  1. Interswitch Financial Inclusion services Limited


Super-Agents AIP

  1. Innovectives
  2. Capricorn Digital



  1. Interswitch
  2. ChamsSwitch
  3. e-Revenue Gateway (ERG)
  4. 3Line
  5. Etranzact
  6. UPSL


Switch AIP

  1. Bema Seamless
  2. Xpress Payments Solutions Limited
  3. Wasp Network Limited

Clearing House

Following the implementation of Cheque Truncation, there is only one (1) Clearing House in Nigeria (i.e. Nigeria Inter-Bank Clearing and Settlement System).

Framework, Policies, Guidelines and Circulars

These are various regulations and rules put in place by the Central Bank of Nigeria in collaboration with the key Stakeholders in the industry. Some of these are as listed below:
  1. Agent Banking Framework
  2. Regulatory Framework for Mobile Payment Services in Nigeria
  3. PoS Guidelines
  4. Switching/Stored Value Guidelines Standard
  5. Standard and Guidelines on ATM Operations in Nigeria
  6. Non Compliance with CBN Circular on ATM Deployment
  7. Cash Withdrawals and Lodgments
  8. Operational Rules and Regulations for the Nigeria Central Switch (NCS)
  9. Guidelines for Handling Complaints on Electronic Card Transactions
  10. Penalty for non-compliance with CBN Circulars and Guidelines on ATM Operations
  11. Guidelines on Stored Value/Prepaid Card Issuance Operations
  12. Guidelines on Direct Debit
  13. Circular on the Need to Combat Card Fraud
  14. Guidelines on Cheque Truncation
  15. Guidelines on e-Payments of Salaries/Pensions
  16. Standards for Electronic Payments to Government Suppliers
  17. Guidelines on Nigeria Direct Debit Scheme
  18. Nigerian Uniform Bank Account Number Standards (N.U.B.A.N)
  19. Electronic Payment for MDAs with Accounts with the CBN
  20. Circular to DMBs IRO Clearing of Financial Instruments of Liq/Legacy Banks
  21. Accreditation and Re-Accreditation of Cheque Printers
  22. Penalty for non-compliance with CBN Circulars and Guidelines on ATM Operations, etc.




Dutch Auction System
Date Total Sold
2/18 Auction No. 14 held with 16 Banks biding for a total of $0.00 (the lowest bid was $168.00). Total amount sold was $199,606,609.52. Click on date to see the detailed breakdown of the auction. ($199,606)
2/16 Auction No. 13 held with 21 Banks biding for a total of $0.00 (the lowest bid was $168.00). Total amount sold was $199,404,681.28. Click on date to see the detailed breakdown of the auction. ($199,404)
2/11 Auction No. 12 held with 19 Banks biding for a total of $0.00 (the lowest bid was $167.00). Total amount sold was $199,440,097.83. Click on date to see the detailed breakdown of the auction. ($199,440)
Note.: the above figures are in thousands of U$D. Retail DAS commenced on October 2, 2013.

Exchange Rates (NGN)
As at February 23, 2018
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