E-Financial
CBN Issues AIP To 3 Payment Service Banks
The Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).
The three institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB and 9PSB.
The apex bank explained that the action was in line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment.
According to the Director, Corporate Communications Department of the CBN, Isaac Okorafor, the approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged Payment Service banks.
Okorafor, further explained that the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.
Sequel to the issuance of the AIP to the three banks, he said they are expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.
Speaking further, he disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
By Mathew Anthony, Market Analyst at FXTM
In another positive development for Nigeria, the CBN has proceeded with 50-basis points rate cut.
FXTM Logo
With favourable fundamental forces at play, it was always a question of how much rather than if rates will be cut in February.
Although some were expecting a hefty 100-basis point cut, this was still a positive move by the CBN, mirroring the dovish strategy of other major banks on the continent.
Interest rates were slashed thanks to cooling inflationary pressures, a stronger Naira and rising FX reserves.
This move is likely to boost confidence over the economic outlook ahead of the Q4 GDP report scheduled for release later this month.
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
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