Switching & Processing Licence Category — Nigeria

The Nigeria category mapped to payment processing and payment switching.

The published category is literally 'SWITCHING & PROCESSING' - one licence whose definition spans both activities, hence dual-mapped. Switches route/process transactions between participants without holding customer float.

Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-24 · unchanged since the previous check.

Licensed providers

19 entities

#	Provider	Status (as reported)	Source	Source date
1	Arca Payments Company Limited	licensed	Central Bank of Nigeria	not dated
2	Belema Financial Technology Limited	licensed	Central Bank of Nigeria	not dated
3	Chamswitch Limited	licensed	Central Bank of Nigeria	not dated
4	Coralpay Technology Nigeria Limited	licensed	Central Bank of Nigeria	not dated
5	eTranzact International Limited	licensed	Central Bank of Nigeria	not dated
6	Flutterwave Technology Solutions Limited	licensed	Central Bank of Nigeria	not dated
7	Habaripay Limited	licensed	Central Bank of Nigeria	not dated
8	Hydrogen Payment Services Limited	licensed	Central Bank of Nigeria	not dated
9	INTERSWITCH LIMITED	licensed	Central Bank of Nigeria	not dated
10	Network International	licensed	Central Bank of Nigeria	not dated
11	Paystack Payment Limited	licensed	Central Bank of Nigeria	not dated
12	Remita Payment Service Limited	licensed	Central Bank of Nigeria	not dated
13	Say Switch Limited	licensed	Central Bank of Nigeria	not dated
14	Teamapt Limited	licensed	Central Bank of Nigeria	not dated
15	Terra Switching & Processing Company Limited	licensed	Central Bank of Nigeria	not dated
16	Unified Payment Services Limited	licensed	Central Bank of Nigeria	not dated
17	Uniswitch Technology Limited	licensed	Central Bank of Nigeria	not dated
18	Xpress Payments Solution Limited	licensed	Central Bank of Nigeria	not dated
19	Zone Payment Network Limited (also written Appzone Limited)	licensed	Central Bank of Nigeria	not dated

Reading the tables

not dated: — the official source publishes no date of its own. We show our own last-checked date instead of inventing one for the regulator.

Licence requirements

What it takes to hold this licence, as stated in the cited official instruments. Capital and fees are shown in the currency the statute itself uses.

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. 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.

The equivalent in other markets

Categories mapped to the same normalized activity — fintech:PAYMENT_PROCESSING:

Cross-border rules for Nigeria →