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Full List of PSSPs, Others NIBSS Ordered Banks to Remove from Transfer List

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Disconnet from Transfer List

By Dipo Olowookere

Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds.

The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive.

In the disclosure sighted by this newspaper, the NIBSS specifically said those not licensed to accept deposits are Super Agents, Switching Companies, and Payment Solution Service Providers (PSSPs).

A look at the website of the Central Bank of Nigeria (CBN) showed that 47 companies were issued licences by the CBN to operate as Super Agents, 75 firms were authorised by the apex bank to function as PSSPs, and 16 fintechs have the Switching and Processing licence.

Below is the full list, as obtained from the CBN, of the three categories of fintechs affected by the NIBSS directive;

SWITCHING & PROCESSING LICENCE CATEGORY

S/NO LICENCEE
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/NO LICENCEE
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.
31 ICAD Concord Limited
32 Infiniti 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/NO LICENCEE
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
16 Cicoserve 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..

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Fidelity Bank ‘Lighting Young Minds’ With Solar-Powered School Bags

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solar-powered school bags

By Modupe Gbadeyanka

Fidelity Bank Plc under the leadership of Mrs Nneka Onyeali-Ikpe is doing everything possible to improve the human capacity index of Nigeria by investing in education.

Recently, the financial institution donated about 1,000 solar-powered school bags to pupils in public primary schools in Ogun State.

The gesture was through its Lighting Young Minds initiative developed to improve access to quality education across the country.

“At Fidelity Bank, we see education as not only a means of knowledge transfer, but as a transformative force—a bridge to opportunity,” Mrs Onyeali-Ikpe said at the unveiled of the programme in Abeokuta, the Ogun State capital, on Friday, July 4, 2025.

The initiative reflects the bank’s commitment to tackling systemic barriers to learning—particularly the challenge of limited electricity in underserved communities, and it specifically aligns with one of the lender’s core Corporate Social Responsibility (CSR) pillars of expanding access to quality education.

The bank executive explained that through the company’s SWEETA initiative, 1,000 solar-powered school bags are being donated to enable children to study safely at night, without the dangers associated with candles or kerosene lamps.

“Beyond helping them improve their academic performance,” she added, “we want to inspire young minds to see that innovation and resilience can light the path to a better future.”

The chief executive also highlighted Fidelity Bank’s broader investment in education, such as the SWEETA School Fees Support Initiative, which has disbursed over N8 billion in tuition support to eligible customers; the Read2Lead Writing Competition, which has impacted more than 3,000 students across Nigeria through prizes and grants; the Back-to-School Loans for parents; the Fidelity EduLoan which helps schools with infrastructure upgrades and asset acquisition; as well as the Green Energy Financing Program, which complements the solar-powered bag initiative by promoting sustainable energy use in education via solar energy.

The solar-powered bags—designated for schools across all 20 local government areas in Ogun State—were officially unveiled by Mrs Onyeali-Ikpe alongside the First Lady of Ogun State, Mrs Bamidele Abiodun.

The wife of Governor Dapo Abiodun praised the project, calling it a crucial and timely intervention in child development and foundational learning.

“This initiative directly enhances learning for children in communities with limited electricity. It’s a brilliant example of how simple, practical innovations can drive profound change—keeping children in school and helping them thrive,” she said.

She further noted its alignment with United Nations Sustainable Development Goal 4, which promotes inclusive and equitable quality education for all, and called on other private sector players to emulate Fidelity Bank’s leadership in social impact.

The Lighting Young Minds initiative is an extension of Fidelity Bank’s mission of empowering Nigeria’s future generations through inclusive, sustainable, and forward-thinking educational solutions. As the bank continues to bridge opportunity gaps, it remains steadfast in its pursuit of a brighter future for children across the country.

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Banking

Zest Revolutionizes Payment Solutions for African Businesses

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Zest

African enterprises are rapidly discovering that fragmented payment systems are a liability in an increasingly competitive marketplace. As e-commerce surges and mobile payment adoption rises across the continent, businesses are searching for unified solutions that streamline operations while enhancing customer experiences.

For businesses looking to turn their payment systems from an operational necessity into a strategic asset, one company offers a compelling path forward. With its sector-specific approach to payment orchestration, Zest, the fintech subsidiary of Stanbic IBTC Holdings, is positioning itself as a crucial partner for businesses seeking growth in Africa’s digital economy.

At its core, Zest offers something desperately needed in Africa’s diverse payment ecosystem: unification. Through sophisticated payment orchestration, their flagship platform, a payment gateway, brings multiple payment capabilities like cards, mobile money, bank transfers, and QR codes, into a single, comprehensive business dashboard.

This consolidation eliminates the headaches of managing separate systems while providing businesses with powerful tools: aggregator capabilities for multi-location collections, real-time reporting, instant settlements, reduced payment failures, and valuable customer insights that drive strategic decisions.

“Businesses today don’t just need to accept payments, they need to orchestrate experiences that are fast, seamless, and scalable,” explains Stanley Jacob, CEO of Zest.

Industry-Specific Solutions

Beyond the plug and play payment gateway, what truly sets Zest apart is its commitment to sector-led customization. Rather than offering one-size-fits-all solutions, the fintech delivers customizations of its platform to address industry-specific challenges.

One energy sector client now manages over 100 gas stations nationwide with real-time transaction monitoring against available inventory. Additionally, Zest powers the client’s card-based loyalty system and pre-funding capabilities—a comprehensive solution that addresses multiple business needs simultaneously.

In another example, a major ports industry player benefits from custom-fitted payment collection infrastructure designed specifically for its complex operational requirements.

Empowering businesses of all sizes

While large corporations benefit from Zest’s enterprise-level customizations, smaller businesses aren’t left behind. The platform offers multi-rail payment checkout systems and free customizable storefronts embedded in its business dashboard.

With some of the most competitive pricing across different payment rails; cards, account-based transactions, USSD, QR codes, Apple Pay, and Google Pay, Zest enables even small merchants to offer customers multiple payment options. The platform’s bank-agnostic nature allows merchants to receive settlements in any bank of their choice.

“For Africa’s SMEs and corporates, orchestrated payments are no longer a nice-to-have, they are survival infrastructure,” emphasizes Ifeoluwa Adekunle-Yusuf, VP of Products and Engineering at Zest.

With digital payments in Africa projected to exceed $40 billion in annual revenue by 2025 according to McKinsey, and mobile money penetration now reaching 46% across the continent, businesses need reliable payment partners who understand the unique challenges and opportunities of the African market.

Zest’s seamless architecture ensures that businesses of all types—from small retailers and educators to artisans and service providers—can deliver professional, reliable payment experiences that power sustainable growth.

As African businesses continue their digital transformation journey, payment orchestration platforms like Zest will play an increasingly vital role in determining which companies thrive in the digital economy and which get left behind.

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Banking

CBN Issues IMTO Licence to Crown Agents Bank

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Crown Agents Bank

By Modupe Gbadeyanka

An International Money Transfer Operator (IMTO) licence has been issued by the Central Bank of Nigeria (CBN) to Crown Agents Bank, a subsidiary of CAB Payments Holdings Plc.

This operating licence is part of the strategies to develop meaningful relationships with key central banks and regulators in important markets.

A statement from Crown Agents Bank said under the IMTO licence, it would expand its payment capabilities in Nigeria, including Diaspora remittances and other international inflows.

The company also said the authorisation to operate as an IMTO has placed it to offer more solutions to a wider range of clients, particularly non-bank financial institutions.

“We are delighted to have secured the International Money Transfer Operator licence from the Central Bank of Nigeria, following the work we have done to build our relationship as a trusted partner.

“It represents the continued momentum we are building at CAB to extend our offering to our clients, drive improved performance, resilience and sustainable growth,” the chief executive of CAB Payments, Neeraj Kapur, stated.

CAB Payments Holdings Plc, a UK-based firm, specialises in FX and cross-border payments for hard-to-reach markets.

Its strength of network and deep expertise means it can move money into and out of the world’s most complex financial markets.

Trusted by a global ecosystem of leading institutions across the public, private and development sectors, Crown Agents Bank’s strength lies in its network which connects its clients to underserved geographies, giving them access to 100+ currencies across 700+ currency pairs.

The delivery of fast, transparent and efficient transactions moves money where it’s needed. Crown Agents Bank’s network offers multiple transaction solutions, delivered via a single API, digital trading platforms, or through bespoke approaches developed by its specialist teams.

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