What does it take to get a payment processing licence in Nigeria?
To hold a payment processing licence in Nigeria, you need one of 2 licence categories from Central Bank of Nigeria. Published minimum capital: ₦100,000,000 shareholders' funds unimpaired by losses + refundable escrow ₦100m. (The PSS umbrella = ₦250m when applying for all three PSS licences at once — PSSP ₦100m + PTSP ₦100m + Super-Agent ₦50m.). 19 entities currently hold a payment processing licence in Nigeria. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“Payment processing” here is the normalized activity: Provide payment processing / payment solution services without holding customer funds. Providers in this category cannot keep customers' money.
Activity id (as used by the Afriset MCP): fintech:PAYMENT_PROCESSING
Payment Solution Service Provider (PSSP) Authorisation
Central Bank of Nigeria| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | ₦100,000,000 shareholders' funds unimpaired by losses + refundable escrow ₦100m. (The PSS umbrella = ₦250m when applying for all three PSS licences at once — PSSP ₦100m + PTSP ₦100m + Super-Agent ₦50m.) Verbatim“N100,000,000.00 (shareholders' funds unimpaired by losses) … Escrow of refundable N100m into CBN PSP Share Capital Deposit Account No. 1000014009 … N250,000,000.00 … (for entities applying for the three (3) licences at a time: PSSP – N100m, PTSP – N100m, and Super Agent – N50m)” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Local presence / incorporation | CAC-registered Nigerian company; functional physical address Verbatim“Any corporate entity registered by the Corporate Affairs Commission (CAC), with Memorandum and Article of Association (MEMART) … Functional physical address, contact e-mails from company's domain and telephone numbers” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Timeline | AIP valid 6 months; no processing SLA Verbatim“Approval-in-Principle for six (6) Months” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Local ownership | No such requirement: No quota; disclosure only | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Fees | ₦100,000 application + ₦1,000,000 licensing Verbatim“Non-refundable application fee of N100,000.00 … Licensing fee of N1,000,000.00 to be paid before the issuance of the final licence, if successful.” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
| Ongoing obligations | Restricted object clause; KYC + AML/CFT procedures; consumer-protection policy; ERM / dispute-resolution / BCP frameworks; PCIDSS/PA-DSS certification (if applicable); renewable on satisfactory performance Verbatim“Procedures for KYC and AML/CFT compliance … Consumer Protection Policy and Procedure Board Approval … RESTRICTED to relevant payments system activities permitted by the Bank” | CBN, Approved New Licence Categorization Requirements (Consolidated – 2021) — the per-category eligibility/capital/fee sheets giving effect to the circular "New Licence Categorizations for the Nigerian Payments System" (ref BPSD, issued 9 Dec 2020). | 2020-12-09 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Who already holds this licence?
0 entities are on the Central Bank of Nigeria register under the Payment Solution Service Provider (PSSP) Authorisation category — view the register .
Switching & Processing Licence Category
Central Bank of NigeriaRequirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-04 · unchanged since the previous check.
Who already holds this licence?
19 entities are on the Central Bank of Nigeria register under the Switching & Processing Licence Category category — view the register .
Related
Everything Afriset holds on Nigeria →
Related questions
This question, in other markets