Understanding PSSP Authorization in Nigeria: What It Means for Your Fintech Business
By REN Attorneys
As Nigeria continues to emerge as a key player in Africa’s digital economy, financial technology (fintech) companies are stepping into a more regulated environment. One of the most critical regulatory milestones for fintechs operating in payments is obtaining a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria (CBN).
At REN Attorneys, we support innovative companies navigating the legal complexities of fintech licensing, compliance, and business structuring.
🔍 What Is a PSSP License?
A PSSP (Payment Solution Service Provider) license is an authorization issued by the CBN that allows fintech firms to provide payment processing services in Nigeria. These include:
Payment gateways and aggregators
Payment infrastructure development
Processing POS, mobile, and online payments
Managing merchant payments and collections
Having this license means your company is recognized as a legally compliant player in the payments ecosystem.
🏛️ CBN-Authorized PSSPs: A Growing Club
The Central Bank of Nigeria has approved over 100 companies as authorized PSSPs, including leading names like Cellulant Nigeria Limited, Paystack, Flutterwave, Eyowo, and Kora Payments. This list serves as both a badge of credibility and a prerequisite for partnerships with banks, mobile money operators, and government agencies.
📥 Download Full List of CBN-Authorized PSSPs (DOCX)
🚨 Why PSSP Authorization Matters
Regulatory Compliance: Operating without proper authorization may expose your business to legal sanctions.
Banking Partnerships: Most banks and institutional partners will only work with licensed operators.
Market Trust: Customers and investors are more confident in CBN-approved platforms.
Scalability: Licensing allows you to scale operations across Nigeria with fewer roadblocks.
🛡️ How REN Attorneys Can Help
We provide end-to-end legal and compliance support for fintech companies pursuing PSSP and related licenses:
✅ Advisory on licensing requirements
✅ Drafting and vetting legal documents
✅ Liaison with regulatory bodies (CBN, NIBSS, NDPC)
✅ Post-licensing compliance and reporting
✅ M&A, corporate structuring, and fintech investments
🚀 Ready to Apply for a PSSP License?
Whether you are an early-stage startup or an expanding fintech looking to scale legally, our team of experienced corporate and tech lawyers is here to guide you.
📞 Book a free consultation today or email us at info@renattorneys.ng