- The Central Bank of Nigeria has approved the operations of about five Payment Service Banks (PSBs) in Nigeria
- Four of the banks are operated by telephone companies to enhance mobile money access in Nigeria
- These PSBs can receive deposits and offer remittance services but are limited in scale
The Central Bank of Nigeria (CBN) has licensed Payment Service Banks (PSBs) to drive financial inclusion in Nigeria.
According to CBN, the need to bring in more Nigerians and the financially excluded into the banking network is the driving force behind the licensing of this special banking segment.
