17 Mobile Money And POS Operators Approved By CBN

This article is made up of all the Mobile Money and POS Operators Approved by the Central Bank of Nigeria (CBN).

The Central Bank of Nigeria has released the list of the Newly Licensed Mobile Money Operators in Nigeria. These licensed operators are the ones that the CBN has approved to be issuing POS machine to agents and other business own across the country.

As a consequence of this recent development in the financial system of the country, the Central Bank of Nigeria has barred Commercial banks from operating Point of Sale (POS). This is due to the recent disappointment that have been repeatedly experienced by the members of the general public in the banking systems.

Since the Central Bank of Nigeria came up with the decision Redesigning some of the Naira Notes (N200, N500 and N1000), they have been crunch in bank transactions such failure of internet financial transactions, network failure, inaccessibility to cash in all part of the country and so many other sad events.

For these reasons and other which not mentioned here, the Apex bank has deemed it rational to hand over the financial transaction involving Mobile Money and Point of Sale into the hand of operators that have been recognised and licensed by the CBN.

Also, the the Central Bank of Nigeria has issued official guidelines that will be guiding all POS Operations. The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department. In the 31-page document, the CBN dedicated Section 8.3 to outline prohibited activities for agents.

Furthermore, the CBN has also warned agents against transactions where a receipt or acknowledgment cannot be generated. In addition to the abovementioned restrictions, the circular prohibits agents from conducting transactions in foreign currency. Agent banking is a financial inclusion service that aims to extend the reach of retail banking services to all segments of the population, especially residents of rural areas.

The service providers include First Monie, EcoBank Express, UBA Moni, Zenith Mobile Money, and others. The CBN has observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria. Reports say a significant and growing portion of financial transactions is now conducted through agents.

List of Mobile Money Operators Approved By CBN In Nigeria

A complete list of Mobile Money Operators approved by the Central Bank of Nigeria include:

1. Abeg Technologies Limited
2. Chams Mobile Limited
3. eTranzact International Limited
4. Fortis Mobile Money Limited
5. Funds And Electronic Transfer (FETS) Limited
6. Hedonmark Management Services Limited
7. Pagatech Limited
8. Palmpay Limited
9. Parkway Projects Limited
10. Teasy International Company Limited
11. Nanonow Digital Services Limited
12. VTNetwork Limited
13. Xpress MTS Limited
14. Kongapay Technologies Limited
15. Visual ICT Limited

Banking

Names of 10 Digital Banks Licensed By CBN to Operate as MFBs, Issue POS Services

The Central Bank of Nigeria (CBN) says there are 10 licensed digital banks in Nigeria The apex bank said that digital banks are also allowed to provide microfinance banking in the country The banks operate primarily as apps without branches but are accorded the same rights as conventional banks.

Digital banking is gaining roots in Nigeria as operators employ the best technological tools to solve Nigerians’ transaction challenges and deploy tech-savvy personnel. To deepen financial inclusion, the Central Bank of Nigeria has approved licensing digital payment platforms to operate microfinance banking and Point of Sale (PoS) services in Nigeria.

Fintech Platforms in Banking

Despite being confined to digital spaces, these platforms are ubiquitous and have recently solved myriads of financial problems for Nigerians. The banks fall into the fintech ecosystem but serve the same purpose as the traditional banks, which have a physical presence. A report says these fintech platforms operate under various licensing categories and offer multiple services, delivering financial services via mobile apps and other touchpoints.

According to the CBN database, about 894 companies have been licensed as microfinance banks as of February 2023. However, only some fully digital companies can be described as digital banks. Except for a few digital banks, some have also obtained licenses from CBN to operate PoS services.

Names of 10 Digital Banks Licensed By CBN to Operate as MFBs, Issue POS Services are:

1. Sofri
2. Mint
3. Piggyvest
4. VFD
5. Moniepoint
6. FairMoney
7. Carbon
8. Kuda
9. Eyowo
10. Sparkle

List of Licensed Microfinance Banks In Nigeria

A complete list of all Licensed Microfinance Banks in Nigeria include the following:

1. Mutual Trust Microfinance Bank
2. Rephidim Microfinance Bank
3. Shepherd Trust Microfinance Bank
4. Empire Trust Microfinance Bank
5. Finca Microfinance Bank Limited
6. Fina Trust Microfinance Bank
7. Accion Microfinance Bank
8. Peace Microfinance Bank
9. Infinity Microfinance Bank
10. Pearl Microfinance Bank Limited
11. Covenant Microfinance Bank Ltd
12. Advans La Fayette Microfinance Bank

Use the link below to a comprehensive list of Licensed Microfinance Banks in Nigeria as at June 2021:

List of Merchant Banks In Nigeria

Merchant Banks in Nigeria include the following:

1. Coronation Merchant Bank
2. FBNQuest Merchant Bank
3. FSDH Merchant Bank
4. Rand Merchant Bank
5. Nova Merchant Bank

See Also: Requirements For Account Upgrade in UBA | Online and Offline

List of Commercial Banks With International Authorization in Nigeria

Commercial Banks with International Authorization in Nigeria include the following:

1. Access Bank Plc
2. Fidelity Bank Plc
3. First City Monument Bank Limited
4. First Bank of Nigeria Limited
5. Guaranty Trust Holding Company Plc
6. Union Bank of Nigeria Plc
7. United Bank for Africa Plc

List of Commercial Bank with National Authorization in Nigeria

The following Commercial Banks have national authorization in Nigeria:

1. Citibank Nigeria Limited
2. Ecobank Nigeria
3. Heritage Bank Plc
4. Keystone Bank Limited
5. Polaris Bank Limited. The successor to Skye Bank Plc.
6. Stanbic IBTC Bank Plc
7. Standard Chartered
8. Sterling Bank Plc
9. Titan Trust bank
10. Unity Bank Plc
11. Wema Bank Plc

List of Commercial Banks with Regional Authorization

Commercial Banks that have been authorized to operate at regional level in Nigeria are:

1. Globus Bank Limited
2. Parallex Bank Limited
3. PremiumTrust Bank Limited
4. Providus Bank Limited
5. SunTrust Bank Nigeria Limited

List of Non-Interest Banks In Nigeria

List of Non-interest Bank in Nigeria include the following:

1. Jaiz Bank Plc
2. LOTUS BANK
3. TAJBank Limited

Now that you have read this to this end, I believe you were able identify the authentic operators where you can make you financial transactions. You can make use of the comment box in you have any view.