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The Central Bank of Nigeria (CBN), today, announced that it has issued three institutions approvals in principle to operate as payment service banks (PSBs). The approvals were granted to Hope PSB, Money Master PSB, and 9PSB.

According to a statement issued by CBN’s Director of Corporate Communications, Isaac Okorafor, obtaining approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged PSBs.

The CBN says the objectives of introducing the PSBs include enhancement financial inclusion and the development of the payment system by increasing access to deposit products and payments services through secured technology-driven environment.

“The decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions,” said Okorafor.

Sequel to the issuance of the approvals to the three banks, he said they are expected to submit their respective applications for the grant of a final licence, not later than six months after their approval in principle.

Speaking further, he disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.