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Fintech gets CBN approval for payment services

Godwin Emefiele

A financial technology organisation, Connect Point Technology Solutions Limited, has received regulatory approval to operate a Payment Solutions Service licence category.

The firm said a letter dated April 25, 2022 and signed by the Director, Payments System Management Department, the Central Bank of Nigeria, had granted an approval-in-principle allowing the organisation to operate a PSS license category as a super-agent in Nigeria.

It stated, “The organisation acknowledges that this is the first step in the process towards the issuance of a final approval, subject to the fulfilment of conditions stipulated by CBN in the letter.

“Recognising that it is within the rights of CBN to issue the final approval, Connect Point would focus on ensuring that its activities meet the stipulated conditions for that final approval.

“Connect Point Technology Solutions has a mission of leveraging technology in providing reliable payment services through agent banking and retail solutions while meeting the need of every customer. Its products are designed to promote financial inclusion in Nigeria and across Africa.”

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