Successful Case Study of Nigeria Payments Service

Successful Case Study of Nigeria Payments Service

A company in Nigeria sought Tetra Consultants’ assistance to enter the electronic payment transactions business. Tetra Consultants helped them obtain the Nigeria payments service provider license, essential for operating as a Payment Solution Service Provider (PSSP). Our team guided the client through the regulatory requirements, prepared the necessary documentation, and facilitated the entire application process. With our expertise, the company successfully secured the license, enabling them to offer electronic payment solutions and expand their business in Nigeria’s growing digital payments market. 

Tetra Consultants began the process of obtaining a Payment Solution Service Provider (PSSP) license by submitting an application to the Central Bank of Nigeria (CBN) for the grant of the license. The CBN then reviews the application and accepts the application. Once AIP is granted it is valid for six months. The AIP does not authorize the applicant to commence operations but allows them to take the necessary steps towards obtaining the final license. 

Once the AIP is obtained, our experts then proceed with consolidating this stage by ensuring the company’s readiness for commencement of operations. We notified the CBN of this readiness and applied for the final license. 

For proceeding with final license, we started with writing an application letter for a PSSP license addressed to the Director, Payments Systems Management Department of the CBN. We attached the application letter with the required documents, including: 

• Certificate of incorporation with the Corporate Affairs Commission (CAC) and a share capital of N100,000,000 (One Hundred Million Naira) 
• Memorandum and Articles of Association 
• Form CAC 2A (Return of Allotment of shares) 
• Form CAC 7A (Particulars of Directors) 
• Tax Clearance Certificate (TCC) and Tax Identification Number (TIN) 
• Company’s profile 
• Details of ownership 
• Board structure 
• Business plan 
• Information Technology policy 
• Dispute resolution framework 
• Necessary certifications such as Payment Card Industry Data Security Standard (PCIDSS), Payment Terminal Service Aggregator (PTSA), etc. 
• Evidence of payment of the non-refundable application fee of N100,000 (One Hundred Thousand Naira) 
• Evidence of the deposit of the refundable minimum capital of N100,000,000 (One Hundred Million Naira), made in full and in the name of the applicant. 

After this the CBN assesses the application for the PSSP license and accompanying documents. After this, we ensured the applicant made the payment of the license fee to the designated CBN account and applied for the final license within six months of obtaining the AIP. 

The CBN then inspected the registered place of business of the applicant company and its readiness to commence operations. After which, the CBN issued the final license. 

Tetra Consultants successfully assisted international clients in obtaining the Payment Solution Service Provider (PSSP) license in Nigeria within 2 weeks. Our comprehensive support ensured that our clients met all regulatory requirements efficiently, allowing them to quickly enter the electronic payment transactions market in Nigeria. With our expertise, the clients were able to commence their operations promptly and confidently. 

Contact us to know more about how you can register company in Nigeria and our team will revert back in 24 hours.