List of POS Approved By CBN in Nigeria

POS operator has always been an alternative way for Nigerians to easily carry out financial transactions, especially cash withdrawals and pay bills. With a Mobile money operator, you don’t have to worry about waiting in a bank queue to withdraw or deposit cash. However, for every transaction carried out, there are usually fees that you are charged.

During the exchange of the Naira note, most bank customers were not able to use the mobile app to transfer funds and withdraw cash from ATMs or banks. Hence, Many Nigerians have shifted to other financial providers, especially fintech like Opay, PalmPay, and Kuda, to carry out financial transactions.

Most Mobile money operators are known to offer amazing incentives such as zero transfer charges, cashback, and daily rewards to customers. However, a number of Nigerians are still concerned about the legality of the platform and wonder if they are licensed to operate in Nigeria.

The Central Bank of Nigeria has helped Nigerians clarify their doubt by releasing a list of authorized operators in the financial ecosystem. If you want to know about the list of POS approved by CBN in Nigeria, then you are in the right post.

Read my post on the top 10 best POS in Nigeria

List of POS Approved By CBN in Nigeria

The Central Bank of Nigeria has licensed 17 companies as mobile money operators in Nigeria. Below are the 17 companies licensed by the CBN to provide financial services.

Abeg Technologies Limited

Abeg Technologies Limited is a division of Piggytech Global Limited. It was licensed by the CBN in 2022 as a mobile money operator. Since then, the company has changed its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).

Chams Mobile Limited

Chams Mobile Limited was licensed by the Central Bank of Nigeria to provide mobile money operations and agency banking services to customers. The KEGOW wallet is a special mobile wallet that allows special savings, debit cards, and thrifts and it is also available for agents and businesses.

eTranzact International Limited

eTranzact International Limited is Africa’s premier e-payments solution provider that delivers electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and cards. The company is also licensed by the CBN as a mobile money Operator which allows them to provide financial services over mobile.

Fortis Mobile Money Limited

Fortis Mobile Money is licensed by the Central Bank of Nigeria to provide mobile payment services in Nigeria. The platform prides itself as a leader in the financial inclusion of the unbanked and other sectors of the economy.

Funds And Electronic Transfer (FETS) Limited

Funds And Electronic Transfer (FETS) Limited was licensed in 2011 by the Central Bank of Nigeria as a mobile money operator to provide a safe and easy-to-use web, mobile app, and agent platform, which enables the transfer of funds from one individual to another – person, business, and government.

Hedonmark Management Services Limited

Hedonmark Management Services Limited is also among the 17 companies licensed as mobile money operators in Nigeria. It is a total solution provider, proffering professional and reliable Back Office management solutions to small, medium, and corporate clients.

MKudi Nigeria Limited

MKudi is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria. The platform allows both banked and unbanked personnel to send money via their mobile devices across Nigeria.

Nownow Digital Systems Limited

NowNow App was founded in 2018 and it is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria. The platform allows users to send and receive money and pay bills fast.

Pagatech Limited

Paga was founded in 2009 by Tayo Oviosu and it is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria. The company boasts of having over 20 million unique users and it is solving two major problems in the world which are eliminating the use of cash for transactions and providing access to financial services.

Palmpay Limited

Palmpay is one of the popular fintechs used by Nigerians for financial services and it is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria.

Parkway Projects Limited

Parkway Projects is licensed by the Central Bank of Nigeria as a mobile money operator as well as a payment service provider. The platform has provided transaction solutions to businesses and currently serves over 2,000 banks, government agencies, large corporates & SMEs across 30 African countries in multiple sectors of the economy.

Opay Digital Services Limited

OPay is a one-stop digital wallet for payments, transfers, loans, savings, and other essential services for every individual. The Platform is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria. The company boasts of having over 20 million registered app users and 700,000 agents in Nigeria who rely on its services to send and receive money, pay bills, and many more.

Teasy International Company Limited

Teasy International was incorporated in 2011 and it is also among the 17 companies licensed by the CBN as mobile money operators in Nigeria.

Visual ICT Limited

Visual ICT was licensed by the Central Bank of Nigeria as a mobile money operator to provide a suite of mobile financial services not limited to mobile money services, agent networks, cash and electronic disbursements, payroll processing, e-wallet management solutions, airtime top-up, inter-bank transfers, bill payments, and financial solutions but designed to suit the diverse needs of its clients and drive financial inclusion.

VTNetwork Limited

VTNetwork was licensed by the Central Bank of Nigeria as a mobile money operator to allow users to transfer money locally and internationally with capabilities in 140 countries.

Xpress MTS Limited

Xpress MTS Limited is a subsidiary of Xpress Holdings Limited. The platform was licensed by the Central Bank of Nigeria as a mobile money operator to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere.

Kongapay Technologies Limited

KongaPay is a financial technology company and a subsidiary of one the leading e-commerce group in Nigeria, Konga. The platform was licensed by the Central Bank of Nigeria as a mobile money operator to provide reliable and fastest payment services in the country. The company aims to be the most preferred e-payment service provider in Africa.

FAQs

Read my post on dotpay POS

Is Opay approved by CBN?

Yes, Opay is licensed by the Central Bank of Nigeria and all deposits are insured by NDIC.

Is Moniepoint approved by CBN?

Yes, Moniepoint is licensed by the Central Bank of Nigeria.

Is Palmpay approved by CBN?

Yes, Palmpay is licensed by the Central Bank of Nigeria and all deposits are insured by NDIC.

Conclusion: List of POS Approved By CBN in Nigeria

The above-mentioned are the 17 companies licensed by the Central Bank of Nigeria as Mobile Money Operator. Thank you for reading this article, and I hope you got a lot of helpful information from this post. Please drop your comment and share the post with your loved ones and friends on social media.