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

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

August 28, 2023

 

  • What Is a Payment Service Solution Provider (PSSP)?
  • Payment Service Solution Providers in Nigeria are the collective number of firms that make up Nigeria’s primary e-payment framework that have been licensed by the Central Bank of Nigeria (CBN) to provide a bridging infrastructure, end-to-end electronic payment solutions, systems and services to stakeholders within the financial services space.
  • A PSSP licensee is not permitted to hold customer’s funds or to engage in e-money issuing, wallet services.
  • Payment Service Solution Providers in Nigeria have direct integration into the card schemes (Visa, Mastercard & Verve).

 

  • Some Major PSSP Companies In Nigeria;
  1. Flutterwave – This Provides a payment infrastructure for global merchants and payment service providers across the continent.
  2. Remita – Enables customers to make electronic payments from any bank account into the accounts of vendors, suppliers and other third parties in any bank or other designated financial schemes.
  3. E-Tranzact – Delivers electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs and cards.
  4. Paystack – This facilitates online payment through its payment gateway and in-person payment through its Point-of-Sale (PoS) Terminal.
  5. Interswitch – An internet-based collections solution that offers end-to-end integrity of all transactions, this could include transactions where the card cannot be accessible.

 

  • Requirements For Obtaining A PSSP License:
    1. Provision of N100,000,000.00 (One hundred million naira of shareholders’ funds unimpaired by losses)
  1. Preceding 3-year audited financial statements of the company (if applicable).
  2. Escrow of refundable N100m into CBN PSP Share Capital Deposit Account
    1. Deposit into escrow must be in full (one lump sum)
    2. It must be made in the name of the company applying for the license (not an individual or related company)
    3. Escrowed funds are invested in treasury bills, subject to the availability of treasury instruments, which would be refunded accordingly.

 

  • How To Obtain A PSSP License?

– A PSSP license provides both online and offline payment solutions.

– A PSSP licence is obtainable from the CBN by submitting an application to the CBN and paying the required application and license fees within the stipulated timelines.

 

Team 618 Bees

618 Bees can quickly and easily help you register a PSSP Company with the CAC and obtain your Operating License from the CBN. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079/08080819653. 618 Bees will complete your application with the both the CAC and CBN.

 

 

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

 

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • What’s the difference between a business name and an LLC?
    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 

  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.

  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time

  • What is data protection?

    Data protection is a legal process of protecting sensitive data.

  • Why should I protect an industrial design?
    1. It gives commercial value to the owner.
    2. It protects the owner of the design from imitation of the design..
    3. It constitutes an asset of the company and it helps in fair return on investment.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.

  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

Call Us Now on +234 901 719 0079 Chat on WhatsApp