Nigeria’s payments licensing regime offers several routes to market, and choosing the wrong one costs months. The Mobile Money Operator (MMO) license and the Payment Service Bank (PSB) license are the two most commonly confused.
What an MMO can do
An MMO license permits wallet issuance, P2P transfers, and agent network operation. Capital requirements are substantial and the CBN expects a robust AML/CFT framework, board-approved policies, and evidence of deposited share capital before it will process an application.
What a PSB adds — and what it takes away
A PSB can accept deposits and pay interest, but is barred from lending and from foreign exchange. It suits telco-affiliated and agent-network-heavy models targeting financial inclusion mandates.
Our advice: map your five-year product roadmap against the permissible-activities schedule of each license before committing capital. A structured assessment surfaces this in under fifteen minutes.