Nigeria: UK fintech secures Nigerian PSSP license for competition

London-based fintech brand, Unlimint, said it has received a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria (CBN). The company sets the stage for its commencement of operations in Nigeria.

When it launches, the company will be competing with the likes of Flutterwave, Appzone, and many other existing companies operating in Nigeria with the PSSP license.

Unlimint said the license allows it to operate as a recognized payment service provider in Nigeria, enabling the delivery of a wide range of payment services and methods that will help local businesses expand their reach to a local and global audience.

According to CBN’s licensing guidelines, an organization with a PSSP license is permitted to operate payment gateway and portals, develop payment solutions and applications, and provide merchant service aggregation and collection.

Why Unlimint wants to be in Nigeria

Commenting on the licensing in Nigeria, Unlimint’s Director for Africa & India, Trevor Goott,  expressed immense satisfaction with the expansion, citing the organization’s vision to be a key player in the region, and riding on the wave of the digital and technological innovations sweeping across the financial technology and payments sector within the African continent.

• ‘‘The African technology and payments sector has witnessed an exciting transformation over the past few years, with Nigeria being at the forefront of the African payments revolution. The Nigerian economy holds significant potential for fostering the development of innovative organizations such as Unlimint.
• “We are here to offer a safe, secure, and reliable payments experience to businesses, entrepreneurs, and their customers. We have been perfecting our customer journey and our payments experience for our customers, on a global scale, over the past 13 years and are now bringing this capability to the Nigerian market.”

He added that the launching in Nigeria is the first step in Unlimint’s African market expansion, with other announcements expected to be made over the coming months.

Also speaking on the expansion to Nigeria, Unlimint’s CEO, Kirill Evstratov, said:

• “Unlimint’s expansion to Nigeria is a testament to our unwavering commitment to empowering businesses globally with our innovative payment solutions. We are proud to bring our cutting-edge technology and deep expertise to the Nigerian market, and we are confident that our solutions will enable businesses of all sizes to thrive and succeed in the digital age.
• “We also understand that digital business transactions especially must be borderless and boundless, as such, its financial infrastructure must be increasingly flexible, timely, seamless, and reliable. Our vision is to create a world where payments are seamless, secure, and accessible to everyone, and our expansion to Nigeria is a significant step towards realizing that vision.”

Founded in 2009, Unlimint is a global fintech company that offers a large portfolio of financial services, including payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi. The London-headquartered company currently has 500 employees across 16 offices and five continents, including Frankfurt, Singapore, São Paulo, Hong Kong, and Mexico.