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

 

 

 

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  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
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