How to set up/register a Payment Solution Service Provider (PSSP) Company in Nigeria

How to set up/register a Payment Solution Service Provider (PSSP) Company in Nigeria

August 23, 2023


Under the new license categorisation for Nigerian payment service providers issued by the Central Bank of Nigeria on the 9th of December, 2023, four categories were made to streamline the permissible activities that can be carried out by fintech companies, one of them is Payment solution services, which is the subject matter herein.

A Payment solution service simply means the processing of payments sought to be made by customers through the use of valid card or other permitted modes that will be provided, to enable the authentication of customers and authorization of payments on valid cards/payment instrument in accordance with the acceptable payment mechanism.

These service providers act as an intermediary between merchants, customers, and financial institutions to carry out seamless transactions. They also provide end-to-end electronic payment solution systems and services to stakeholders within the financial services sphere.

In Nigeria, the apex regulatory body in charge of issuing licences to fintech companies such as a payment solution service company is the Central Bank of Nigeria (CBN). Other regulatory agencies include Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), National Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), and Nigeria Interbank Settlement System (NIBSS).

To set up a payment solution service company in Nigeria, one must decide the object/activities the company will be carrying out, because under the new CBN Licence categorisation as stated earlier, a payment solution service company can opt to get a licence either as a super-agent which the minimum share capital is N50m, or a payment terminal service provider which has a share capital threshold of N100m, or a payment solution service provider which has a share capital threshold of N100m, or a combined licence of these activities with the minimum share capital of N250m.

Then, the company must be registered with the Corporate Affairs Commission. Where a new company is to be registered, the promoters may not be able to complete the company’s incorporation with the CAC unless they have first obtained the CBN’s Approval-in-Principle. In practice, the promoters will first apply to the CAC for the name’s availability check and once the name is reserved, then they can proceed to apply to the CBN for the AIP, after the AIP then the final licence is given.

For an already incorporated company, where necessary, changes will be filed with the CAC to reflect the permissible activities in the company’s object clause, board appointment to ensure the number of directors is up to the required minimum, increase of share capital to the required sum. The incorporated company will then apply to the Central Bank of Nigeria. The PSS Licence application is to the CBN’s director of the payments system management department, for a PSS Licence (the “PSS Operator”). Below are the requirements for the PSS licence to be issued:

  1. Incorporation documents issued by the CAC and the object clauses in the memorandum and article of association should be limited to permissible business activities which are being Super-agents, payment terminal service providers, and payment solution service providers.
  2. Three-year tax clearance certificate, where applicable and Taxpayer identification number (TIN) of the company.
  3. Structure of the holding company or parent company (Where applicable)
  4. Company details and profile showing the current type of business operation, products and service.
  5. Open a bank account for the company.
  6. Share structure and historical changes in share structures for the last two years.
  7. Total number of employees, organogram, functional physical address, contact details from the company’s website and telephone numbers.
  8. BVN, CV and the means of identification of the directors and top management (including one independent non-executive director, chairman and managing director)
  9. Requisite policies and framework
  10. Signed agreements with its sub-agents, financial institutions and partners.
  11. Minimum of 50 agents
  12. Evidence of payment card security certification and other relevant payment terminal certification and project deployment methodology. You will need to obtain this certification to ensure that your payment gateway meets the security requirements for handling credit card information.



  1. Non- refundable Application fee of N 100,000
  2. Payment of the refundable sum of up to 250 million (this depends on which of the solution services the company is opting for) in escrow to the CBN;
  3. Licensing fee of N 1,000,000 to be paid before the issuance of the final license.

Team 618 Bees


618 Bees can quickly and easily help you register for PSSP Company with the CAC and obtain your License from the CBN. Log on to our website or email, or give us a call on +2349017190079/08080819653. 618 Bees will complete your application with the Federal Inland Revenue Service (FIRS).






The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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