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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 License)

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 Starling Bank Plc 
10 Zenith Bank Plc 

Mobile Money Operators (Non Bank Led Commercial License)

1 Cellulant Nigeria Limited 
2 Chams Mobile 
3 Contec Global Infotech Limited 
4 Eartholeum Networks Limited 
5 eTransact 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) Networks Limited 
14 Visual ICT Limited 
15 Zinternet Nigeria Limited 

Mobile Money Operators Bank Led (AIP)

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

Mobile Money Operators Non Bank Led(AIP)

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

Payment System Service Providers (PSSP) Commercial Licence

1 CoralPay Limited 
2 eTranzact International PLC 
3 Flutterwave Technology Solutions Service 
4 Global Accelerex Limited 
5 Infiniti Segments Limited 
6 InterSwitch Nigeria Limited 
7 Netplus Strategy & Sales Advisory Limited 
8 Parkway Projects Limited 
9 Paystack Payment Limited 
10 Paytitude Limited 
11 PayU Payments Limited 
12 SystemsSpecs Limited 
13 United Payments Nigeria Limited 
14 Upperlink Limited 
15 Venture Gardens Nigeria Limited 
16 Xpress Payments Solutions Limited 

Payment System Service Providers (AIP)

1 ARCA Networks Limited 
2 Cellulant Nigeria Limited 
3 e-Purse Systems Limited 
4 Electronic Settlement Limited (ESL) 
5 Saana Corporate Investments Management Limited 
6 Soft Alliance and Resources Limited 

Payments Terminal Service Provider (PTSP) (Commercial Licence)

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 Global Accelerex 
8 Globasure Technologies Limited 
9 Grand Towers PLC 
10 Intellifin Solutions Limited 
11 InterSwitch Nigeria Limited 
12 iTex Integrated Services Limited 
13 Netop Business Systems Limited 
14 Netplus Strategy & Sales Advisory Limited 
15 Paymaster Limited 
16 Transaction Payment Solution (TPS) Limited 
17 Unified Payments Services Limited 
18 Wi-Pay Technologies Limited 
19 Xpress Payments Solutions Limited 

Payments Terminal Service Provider (PTSP) (AIP)

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

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 (AIP)

1 3-Line Card Management Limited 
2 Inlaks Computer Limited 
3 Money Master Limited 
4 Xpress Solutions Limited 

Switches (Commercial Licence)

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

Switches (AIP)

1 Bema Seamless International Limited 

Third Party Processrs (TPP) Commercial Licence

1 Emerging Markets Payments (EMP) West Africa Limited 
2 eTranzact International Plc 
3 Unified Payment Services 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.


Exchange Rates (NGN)
As at May 24, 2024
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