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Emergence of PSBs threatens Nigeria’s banking industry

increasing competition from FinTechs, non-bank companies

The recently introduced Payment Service Banks (PSBs) by the Central Bank of Nigeria (CBN) to facilitate transactions in remittance services, micro savings and withdrawal services in rural areas could disrupt the local banking industry, according to GTBank in newly released report. The report titled “Nigeria: Macro-economic and Banking sector Themes for 2019,” says the PSBs…

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