Home | About Us | FAQs | RSS | Contact Us | Sitemap | Careers | Educational    

Payments System

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

Oversight

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 (Commercial Licence)

  1. Access Bank Plc
  2. Ecobank Nigeria Plc
  3. FCMB Limited
  4. Fidelity Bank Plc
  5. First Monie
  6. Fortis Mobile Money
  7. GTB Mobile Money
  8. Stanbic IBTC Nigeria
  9. Sterling Bank Plc
  10. Zenith Bank Plc

 

Non-Bank Led (Commercial Licence)

  1. Cellulant Nigeria Limited
  2. Chams Mobile
  3. Contec Global Infotech Limited
  4. Eartholeum Networks Limited
  5. eTranzact International Plc
  6. Funds and Electronics Transfer Solution (FETS)
  7. Hedonmark Management Services Limited
  8. MKudi Limited
  9. Pagatech
  10. Parkway Projects Limited
  11. PayCom Nigeria Limited
  12. Teasy International Company Limited
  13. Virtual Terminal(VT) Network Limited
  14. Visual ICT Limited
  15. Zinternet Nigeria Limited

 

Mobile Money Operators: Approval In Principle (AIP)

Bank Led

  1. Diamond Bank Plc
  2. Sun Trust Bank Nigeria Ltd
  3. Union Bank Limited

 

Non Bank Led: (Approval In Principle)

  1. Aurora Wireless Ltd
  2. Intellifin Solution Limited
  3. MoneyBox Africa Limited
  4. Wi-Pay Technologies Limited

 

Payment Terminal Service Providers (PTSP) Licensed

  1. Brinq Africa Payment Solutions Limited
  2. Citiserve Limited
  3. Computer Warehouse Group
  4. Easy Fuel Limited
  5. ETop 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. Transaction Payment Solution (TPS) Limited
  17. Unified Payments Services Limited
  18. Wi-pay Technologies Limited
  19. Xpress Payments Solutions Limited

 

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

  1. 3Gee Pay Limited
  2. ARCA Networks Limited
  3. Aurora Wireless Limited
  4. BizzDesk Global Solutions Limited
  5. e-Payment Plus Limited
  6. Funds and Electronics Transfer Solution (FETS) Limited
  7. Soti Investment Ltd
  8. Swiftlink NZ Global Services Limited

 

Switches (Commercial Licence)

  1. Chams Switch Limited
  2. e-Revenue Gateway (ERG) Limited
  3. eTranzact International Plc
  4. Interswitch Nigeria Limited
  5. Unified Payments Services Limited

 

Switches Approval In Principle (AIP)

  1. ARCA Networks Limited
  2. Bema Seamless International Limited
  3. CoralPay Limited
  4. Xpress Payment Solutions Limited

 

Payments Solution Service Provider (PSSP) with Commercial Licence

  1. eTranzact International Plc
  2. Flutterwave Technology Solutions Service
  3. Infiniti Segment Limited
  4. Interswitch Nigeria Limited
  5. Parkway Projects Limited
  6. Payattitude Limited
  7. PayU Payments Nigeria Limited
  8. SystemsSpecs Limited
  9. Unified Payments Services Limited
  10. Upperlink Limited
  11. Venture Gardens Nigeria Limited
  12. Xpress Payments Solutions Limited

 

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

  1. ARCA Networks Limited
  2. Cellulant Nigeria Limited
  3. CoralPay Limited
  4. e-Purse Systems Limited
  5. Electronic Settlement Limited (ESL)
  6. Netplus Strategy & Sales Advisory Ltd
  7. Paystack Payments Limited
  8. Saana Corporate Investment Management Ltd

 

Card Schemes

  1. American Express International
  2. Mastercard International
  3. Verve International
  4. Visa International

 

Super-Agents (Commercial Licence)

  1. Capricon Digital Limited
  2. Innovatives Limited
  3. Interswitch Financial Inclusion services (IFIS)Limited

 

Super-Agents Approval In Principle (AIP)

  1. 3-Line Card Management Limited
  2. Inlaks Computer Limited
  3. Innovectives Limited

 

Switches (Commercial Licence)

  1. ARCA Networks Limited
  2. Chams Switch Limited
  3. e-Revenue Gateway (ERG) Limited
  4. eTranzact International Plc
  5. Interswitch Nigeria Limited
  6. Unified Payments Services Limited
  7. Xpress Payments Solutions Limited

 

Switches Approval In Principle (AIP)

  1. Bema Seamless International Limited
  2. CoralPay Limited

 

Third Party Processrs (TPP) Commercial Licence

  1. Emerging Markets Oayments (EMP) West Africa Limited
  2. eTranzact International Plc
  3. Unified Payment Service Limited
  4. Xpress Payment Solutions 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)
¥JPY2.7734Down
WAUA423.4077Up
$USD306.1Up
CHF307.8548Up
SOUTH AFRICAN RAND20.5967Down
SDR424.8699Up
SAR81.6136Down
As at August 17, 2018
See More

Central Bank of Nigeria:: Did You Find
Icon Key
Print out page
Refer this webpage to a friend Refer page to a friend
Go to top of page
Definition of word
frequent questions on topic
Make us your homepage
Export data to Excel