What is a Payment Service Bank? Payment Service Banks in Nigeria are channels by which telecommunication and technology solutions companies are licensed by the Central Bank of Nigeria to participate in the fintech payment ecosystem with primary focus on the rural areas and unbanked locations, targeting financially excluded persons, with less than 25% financial service touch points in such rural areas. Payment Service Banks in Nigeria are fashioned after the Indian’s Payment Bank model. The licence is open to mobile network companies, mobile money operators, retail companies and banking agents subject to meeting the applicable regulatory requirements. Payment Service Banks … Continue reading HOW TO SET UP A PAYMENT SERVICE BANK IN NIGERIA