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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

Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

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Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms.

To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction.

The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken.

“This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities.

“The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey.

“We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.


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FXTM Academy Concludes Successful Event in PHC, Hosts Next Event in Lagos

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FXTM, a global online trading company is hosting an exclusive training for traders where participants can discover the strategies used by the world’s top traders to gain mastery of the market.

L-R: Oluwafumbi Ogedengbe, Specialist Client Education, FXTM Nigeria; Adaeze Uzochukwu, Education Coordinator, FXTM Nigeria; Mathew Anthony, Manager, Market Analysis, FXTM Nigeria; Destiny Ikeakanam, Education Coordinator, FXTM Nigeria and Pius Ogbu, Specialist, Client Education, FXTM Nigeria.

FXTM Academy is dedicated to helping traders and trainees achieve exceptional results in the global markets.

According to Mathew Anthony, Educator at FXTM Academy “We are a global online trading platform that offers stocks, commodities, and other financial instruments, providing traders with access to various markets, competitive pricing, and advanced trading tools.

“Our goal is to empower traders to Learn, Trade and Earn from the global markets.”

This Academy will provide free tutorials through webinars, workshops, video presentations, online courses, market analysis, insights, professional mentorship, and support.

“By offering education and training, FXTM Academy aims to help traders improve their trading skills, make informed trade decisions, and achieve their financial goals.”

Abiola Akinyele, Executive Director of FXTM Nigeria said the registration of the training has opened on the FXTM website and event will take place on the 17th of August.

He said it will be quite exciting and will provide great opportunities for participants to grow the skills to unprecedented heights and to join the ranks of the elite.


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Nova Bank Will Make Great Impact – Oduoza

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Phillips Oduoza, chairman of Nova Bank Plc, has said that the new commercial bank is poised to create jobs and make a great impact.

Nova Bank Will Make Great Impact – Oduoza

Oduoza who spoke at the launching of Nova Bank’s first branch as a national commercial bank in Lagos, said that the bank’s foray into commercial banking and upgrade to National Banking Licence were part of a long-term goal to make an impact.

He said, “We are not here just to maximise profit, but we are here as Nova to have the greatest impact in the society. And this is one of the reasons why we decided to extend to commercial banking business.

“We have been very, very successful, as testified by our customers in the wholesale banking space. And we felt it is just necessary to extend the service to the retail end of the market, which is where you will have the largest population of banking customers.

“Therefore, we want to transfer that success story to the retail end of the market. We want to impact the Nigerian economy as a whole. We want to assist in job creation, stability of the country, which Mr President has been working on. So, by going commercial, it gives us a platform for more job creation in the country.”

Governor Babajide Sanwo-Olu, who performed the ribbon cutting for the inauguration of the first branch, commended the board and management of Nova Bank for taking the decision to invest more into commercial banking not minding the various challenges and uncertainties in the economy.

He said, “We need to encourage them; we need to stay in touch with them because they have a choice.

“They could as well have remained as a nimble wholesale bank or as a merchant bank as a matter. But they felt they need to take it further, and this means they need to dip their hands into their pockets and bring additional resources that would make it possible for them to be able to compete on a larger scale.”

 

 


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