Poor banks’ network: Customers resort to other payment service providers

Written by on February 21, 2023

Some customers of various banks have resorted to the use of Payment Service Providers PSPs, for their electronic transactions due to epileptic banks’ networks.
Some of the customers, who spoke with the News Agency of Nigeria NAN said that electronic transactions using PSPs were faster, more reliable and cheaper.
Some of the service providers that bank customers had resorted to including Opay, PalmPay, and Kuda bank, among others.
PSPs are firms that have been licenced by the Central Bank of Nigeria CBN, to provide a bridging infrastructure, end-to-end electronic payment solutions, systems and services to
NAN reports that CBN had released an updated list of Payment Service Providers PSPs that it had licenced under the different categories.
Under the Card/Payments Scheme, the bank licensed seven companies including three Line Card Management Ltd, American Express International, Mastercard International Mastercard, Payattitude and Unionpay International.
For the Mobile Money operator licence category, CBN licenced 15 companies including Chams Mobile, Etranzact International Ltd, Fortis Mobile Money Ltd.
Others are Digital Services Ltd, Pagatech Ltd., Palmpay Ltd. Parkway Projects Ltd, Mkudi Ltd, NowNow Digital Services Ltd. and Paycom Nigeria Ltd.
NAN also reports that the CBN licenced nine companies under the Switching and Processing License category and 30 companies under the Payment Solution Service Provider PSSP Authorisation.

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