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NIBSS Orders Banks to Suspend Opay, Flutterwave, Others from Transfer List

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Nigeria Inter-Bank Settlement System (NIBSS) has asked banks to delist Payment Solution Service Providers (PSSPs) Switches and Super Agents from its outward payment or transfer list.

Payment Solution Service Providers licence is an important licence within the Nigerian payment systems which enables the provision of financial services such as the operation of payment processing gateway and portals which is utilized by merchants to accept debit or credit card purchases from customers.

The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks.

The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.

It said, “This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.”

It stressed that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

NIBSS added, “Another regulatory advice in this regard is the circular with the caption ‘Permissible Services and Products of PSSP Operation in Nigeria’, Ref: BPD/DIR/GEN/CIR/05/004 dated May 11, 2018. Consequent on the above, kindly delist all Switches, PSSPs, and SAs from your NIP Outward Transfer channels only (not inwards).”

To operate in Nigeria’s payment ecosystem, operators must get at least one of the following licences from the CBN: Switching and Processing, Mobile Money Operations, Payment Solution Services, and Regulatory Sandbox.

According to CBN regulations in December 2020, only MMOs with a minimum of N2 billion capital share can hold customer funds.

Here are the list

SWITCHING & PROCESSING LICENCE CATEGORY

S/NOLICENCEE
1.Appzone Limited
2.Arca Payments Company Limited
3.Chamswitch Limited
4.Coralpay Technology Nigeria Limited
5.eTranzact International Limited
6.Flutterwave Technology Solutions Limited
7.Habaripay Limited
8.Hydrogen Payment Services Limited
9.Interswitch Limited
10.Network International
11.Paystack Payment Limited
12.Remita Payment Service Limited
13.Teamapt Limited
14.Terra Switching & Processing Company Limited
15.Unified Payment Services Limited
16.Xpress Payments Solution Limited

i. PAYMENT SOLUTION SERVICE PROVIDER (PSSP) AUTHORISATION

S/NOLICENCEE
1.Afara Partners Limited
2.Angala Financial Technologies Limited
3.Appmart Integrated Limited
4.Appzone Limited
5.Artha Fintech Limited
6.Betastack Technology Limited
7.Bud Infrastructure Limited
8.Callphone Limited
9.Capricorn Digital Limited
10.CBI Technologies Ltd
11.Cellulant Nigeria Limited
12.Centric Gateway Limited
13.Ceviant Payments Nigeria Limited
14.Clane Company Nig. Ltd.
15.Cyberspace Limited
16.Demerge Nigeria Limited
17.Dot Financial Inclusion Technologies Limited
18.Easypay International Limited
19.Egole Pay Limited
20.Ercas Integrated Solutions Limited
21.E-Settlement Limited
22.Eyowo Integrated Payments Limited
23.Fincra Technologies Limited
24.Flutterwave Technology Solutions Limited
25.Fountain Payment Systems Solution
26.Gemspay Limited
27.Global Accelerex Limited
28.Gpay Instant Solution Limited
29.GTP Client Services Limited
30.Hellopay Africa Integrated Service Ltd.
31ICAD Concord Limited
32Infiniti Segments Limited
33.Irecharge Technology Innovations Limited
34.Irofit Technologies LimitedD
35.Itex Integrated Services Limited
36.Konetpay Nigeria Limited
37.Kora Payments
38.Leadremit Limited
39.Moneta Technology Ltd
40.Multigate Payment Limited
41.Netapps Technologies Limited
42.Netplusdotcom Nigeria Limited
43.Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited)
44.One Payment Limited
45.Onepipe.Io Services Ltd
46.Parkway Projects Limited
47.Payfixy Nigeria Limited (Formerly Innovate 1 Pay Limited)
48.Paylode Services Limited
49.Paysure Technologies Limited
50.Payu Payments Nigeria Limited
51.Pethahiah Rehoboth International Limited
52.Prophius Limited
53.Qrios Networks Limited
54.Redtech Limited
55.Resident Fintech Limited
56.Rexel Limited
57.Routepay Fintech Limited
58.Saanapay Corporate Investments Management Limited (SAANACORP)
59.Shago Payments Ltd
60.Simplify International Synergy Limited
61.Soft Alliance & Resources Limited
62.Spay Business Solutions Limited
63.Spout Payment Solutions
64.Stanbic Financial Services Limited
65.Swift Link-NZ Global Services Ltd.
66.Teinnovate Capital Limited
67.Unlimint Nigeria Ltd
68.Upperlink Limited
69.Vas2net Technologies Ltd
70.Venture Garden Nigeria Limited
71.Vestrapay Nigeria Limited
72.Voguepay Web Solution Limited
73.Waxed Mobile Nigeria Ltd
74.Waya Multilinks Technologies Limited
75.Woven Finance Limited

SUPER-AGENT AUTHORISATION

S/NOLICENCEE
1.3Line Card Management
2.5554 Technologies Limited
3.Accelerex Networks Limited
4.Africa Mama Atm Limited
5.Africave Technologies Limited
6.Airtel Mobile Commerce Nigeria Limited (Airtel)
7.Allstream Information Technology Solutions Limited
8.Angala Financial Technologies Limited
9.Appmart Integrated Limited
10.ATN Wayya Limited
11.Betastack Technology Limited
12.C24 Limited
13.Callphone Limited
14.Capricorn Digital Limited
15.CBI Technologies Ltd
16Cicoserve Payments Limited
17.Citiserve Limited
18.Clane Company Nig. Ltd.
19.Connectpoint Technology Solutions Limited.
20.Crowd Force Limited (Formerly Mobile Forms Limited).
21.Dot Financial Inclusion Technologies Limited.
22.Egole Pay Limited.
23.Errand P Limited.
24.E-Settlement Limited.
25.Fountain Payment Systems Solution.
26.Fucil Datatech Limited.
27.Gwills Payments Service Limited.
28.Infibranches Technology Limited.
29.Innovectives Limited.
30.Interswitch Financial Inclusion Services Limited.
31.Irofit Technologies Limited.
32.Itex Integrated Services Limited.
33.Kadick Integrated Limited.
34.Lukeport Nigeria Limited.
35.Microsystems Investment And Development Limited.
36.Moneymaster Limited.
37.Nigerian Postal Service (NIPOST) .
38.Nomba Financial Services Limited (Formerly Cosmic Intelligence Lab Limited)
39.Paycluster Technology Limited.
40.Paygo Limited.
41.Shago Payments Ltd.
42.Spout Payment Solutions.
43.Swift Link-Nz Global Services Ltd..
44.Traction Payments Ltd..
45.Vatebra Pay Limited..
46.Waxed Mobile Nigeria Ltd..
47.Y’ello Digital Financial Services..

 

 

 


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E-Financial

YouThrive: Access Bank Set to Empower over 700,000 MSMEs with 50Bn Loans

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Access Bank, Nigeria’s largest bank by customer base with a global footprint beyond Africa has launched a “YouThrive” initiative which targets to empower 700,000 MSMEs in the country through a 5N0bn loan.

YouThrive: Access Bank Set to Empower over 700,000 MSMEs with 50Bn Loans

Victor Etuokwu, deputy managing director, Access Bank announced this during a press briefing held recently at the bank’s head office in Lagos. The bank’s Deputy Managing Director also revealed that the MSMEs that would benefit from the programme would undergo trainings to enable them optimally make use of the loan.

In his words, “Access Bank is set to financially empower over 700,000 youth MSMEs and to achieve this, we have set aside N50bn to lend to them at a huge, discounted interest rate.

To be eligible to access this loan, all applicants must be within the ages of 21 to 40 years.

“The Youthrive’ is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. In the next four years we will empower 4 million youth, one million per year.

It would not just be about lending, we are building various capacity-building activities for them, and the curriculum will be centred around Technology, Creatives, Business Management and Skill acquisition.

Reiterating Victor’s comments at the Inaugural Job Creation and MSME Quarterly Communications Forum, hosted by the Senior Special Assistant to the president on job creation and MSME held recently in Abuja, Chioma Ogwo, head, Emerging Businesses, Access Bank said “In four years, we hope to empower four million people, or one million each year. We have a business exchange program for the beneficiaries that would enable the SMEs to go and exchange ideas with their counterparts in other countries. Every year, 700,000 would be given access to financing, and 300,000 would be trained.” After then, we will take the best advice from the best and return to Nigeria to implement it.

There is also going to be employment opportunities as 1000 outstanding individuals who receive these trainings by the Bank and its holding companies will be recruited within the Tech space, the Access corporation ecosystem and other partner companies” Ogwo concluded.

Speaking on this initiative, Temitola Adekunle Johnson, Senior Special Assistant to the president on job creation and MSMEs said that the initiative by Access Bank will help address the issue of access to affordable loans by small businesses.

He said the end point is to achieve a single digit loan by commercial banks for MSMEs. “Our aim is to ensure single digit loans become the norm for MSMEs.” He disclosed that disbursements will be made after the loan assessment is processed. This initiative will help reduce the bottlenecks often faced by MSMEs in securing funding for their businesses.

He commended the bank for using its funds and giving out the loan at a discounted rate and urged small businesses to take advantage of the opportunity and grow their businesses

Adekunle-Johnson also disclosed that the government is working towards creating 100,000 thousand jobs by May 29 and 384,000 jobs in four years.

He said the initiative will be launched massively across the country as the government is willing to provide businesses with the support of the social and private sector partnership.

He therefore urged other financial institutions to come up with programmes to support the SME sector.

To be part of this initiative and learn more about the YouThrive project, please click HERE or send an email to [email protected] for more enquires.

 

 

 

 

 

 

 

 


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Banking Sector Becoming Cesspool of Financial Crimes- EFCC

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Economic and Financial Crimes Commission (EFCC), has revealed that approximately 70 percent of financial crimes in Nigeria are connected to banks.

Banking Sector Becoming Cesspool of Financial Crimes- EFCC

Ola Olukoyede, chairman, EFCC, stated this during his address in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

The EFCC boss pointed out that the banking industry was becoming more characterized by fraudulent activities, posing significant challenges and concerns for the commission.

Olukoyede, represented by Idowu Apejoye, director of Internal Audit, EFCC, emphasized the importance of collaborative actions from relevant authorities and industry professionals, particularly audit executives, to proactively address and combat fraudulent activities within the sector.

“Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” he said.

“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.

“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable,” he added.


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Ekiti to Engage 1000 Youths for Agency Banking Programme

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Worried by the exodus of banks from many areas in the state, the Ekiti State government has disclosed that it is taking financial services to all 177 wards in the state through agency banking.

It would be recalled that as a result of incessant bank robberies, many financial institutions have relocated from many local government areas in the state, leaving residents to travel to the state capital for banking transactions.

According to the government, the intending banks for the proposed programme include Wema, Stanbic IBTC, and First City Monument Bank (FCMB).

The state Commissioner for Wealth Creation and Employment, Kayode Fasae, made this known in Ado-Ekiti during an inter-ministerial meeting with relevant Ministries, Departments and Agencies that would play roles in the mobilisation of relevant stakeholders and participants for the programme.

Mr Fasae said the Ministry of Wealth Creation and Employment has delineated the state into 132 units in preparation for the commencement of the guided Agency Banking Programme in Ekiti state under which many unemployed youths would be empowered.

He described agency banking as a strategy in the financial industry that uses authorised agents to deliver financial services to customers living in remote areas and beyond the reach of the traditional branch network.

Mr Fasae said would-be beneficiaries are to form cluster groups before they can take part in the programme.

Relatedly, the commissioner also disclosed that the government would soon begin the collation of data on unemployed youths, market women, artisans, motorcycle riders, people with disabilities and other citizens between the ages of 18 and 50.

He said that every individual captured under the programme would have a unique means of identification, so they could easily be contacted whenever there are job opportunities and other empowerment opportunities.

 

 


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