Entering Nigeria: CBN payment licence categories explained

Nigeria is one of Africa's largest payments markets, and the Central Bank of Nigeria licenses payment businesses under several categories.

Licence categories

Categories include Payment Solution Service Providers, Payment Terminal Service Providers, Switching and Processing, Mobile Money Operators and International Money Transfer Operators, each with its own requirements.

Practical considerations

Applicants should plan for capital requirements, local governance, AML/CFT obligations and reporting to the NFIU.