The entire team of Koriat is pleased to announce that the Central Bank of Nigeria has granted a Final Licence (Super Agents Licence) to LibertyPay Limited to operate agency banking in Nigeria. See below:
There are different categories of payment licences for operators within the Nigerian payment ecosystem which are the PSSP, the PTSPT, the Super Agents (all three can be combined in a single licence called PSS), the MMO, the Payment Service Bank, the IMTO, the Switching and Processing licence and the Regulatory Sandbox.
The Super-Agents are Fintech companies with the lowest capital requirement threshold (being N50 Million) in the payment ecosystem in Nigeria. A super-agent company is a business incorporated in Nigeria and licensed by the CBN to undertake agency banking. Agency banking is a type of financial service that is carried out on behalf of banks to banked and unbanked communities or population in order to increase financial inclusion to those who would have been otherwise unable to benefit such financial services under formal banking system.
All payment companies in Nigeria are required to operate under strict supervision of the CBN in compliance with the provisions of the Banks and Other Financial Institutions Act 2007 and the guidelines of the CBN.
LibertyPay is now licensed to leverage its network of merchants across the country in providing them with payment infrastructure platform and technology tools for inclusive financial products and services for Nigerians especially in the rural and unbanked areas of the country.
LibertyPay is one of the fintech companies poised to solving the nation’s challenges of inclusive financial services. With this licence, LibertyPay is now fully licensed process offline payments from customers and offer new and innovative financial products and services backed by technologies.
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