What does it take to get a payment switching licence in Nigeria?

To hold a payment switching licence in Nigeria, you need the Switching & Processing Licence Category licence from Central Bank of Nigeria. Published minimum capital: ₦2,000,000,000 shareholders' funds unimpaired by losses + refundable escrow ₦2bn. 19 entities currently hold a payment switching 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 switching” here is the normalized activity: Own or operate payment switching, routing, clearing or interoperability infrastructure between payment service providers, issuers, acquirers and schemes.

Activity id (as used by the Afriset MCP): fintech:SWITCHING

Switching & Processing Licence Category

Central Bank of Nigeria

Requirement	As published	Source	Source date
Minimum capital	₦2,000,000,000 shareholders' funds unimpaired by losses + refundable escrow ₦2bn Verbatim “N2,000,000,000.00 (shareholders' funds unimpaired by losses) … Escrow of refundable N2bn into CBN PSP Share Capital Deposit Account No. 1000014009”	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; consumer protection; ERM / dispute-resolution / contingency-&-DR (BCP); PCIDSS/PA-DSS certification (if applicable); shared-agent-network & SLA governance; renewable on satisfactory performance Verbatim “Procedures for KYC and AML/CFT compliance … Consumer Protection Policy and Procedure Board Approval”	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?

19 entities are on the Central Bank of Nigeria register under the Switching & Processing Licence Category category — view the register .

Everything Afriset holds on Nigeria →

What does it take to get a payment switching licence in Nigeria?

Switching & Processing Licence Category

Who already holds this licence?

Related