If you’re launching a fintech startup in Nigeria, understanding CBN licenses is essential. The type of license you need depends on your services—whether you’re processing payments, offering wallets, managing POS terminals, or launching a digital bank. Common licenses include Switching and Processing, Mobile Money Operator (MMO), Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), Payment Service Bank (PSB), and the Super-Agent License. Each comes with specific capital requirements ranging from ₦100 million to ₦5 billion, and includes additional needs like KYC/AML policies, IT infrastructure, and compliance documentation. Startups testing innovative ideas may also apply to the CBN’s regulatory sandbox to operate temporarily without a full license.
Getting licensed involves more than just fees—it requires significant capital, legal and compliance costs, and thorough documentation. Application fees range from ₦100,000 to ₦500,000, and setting up operations to meet CBN standards can cost millions. The process ensures that only serious, well-prepared players enter the financial ecosystem. Whether you’re building infrastructure or offering direct-to-consumer financial services, choosing the right license early on is not just a legal formality—it’s a strategic move that signals credibility and positions your startup for growth.
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