Callphone gains CBN’s PSS License

Callphone, a premier financial technology brand in Nigeria, has been granted the final approval license to operate under the Payment Solution Service (PSS) license category as a Payment Terminal Service Provider (PTSP) Super-Agent in Nigeria.

According to the Callphone, for the first time in Nigeria, a company is fully licensed to operate as a PTSP, Payment Solutions Service Provider (PSSP), and Super-Agent in Nigeria.

“I am delighted to announce our acquisition of the final PSS license. With this, we become the pioneer of this license categorization that has escrowing the minimum capital requirement – N250 million – to CBN as one of the licensing prerequisites,” Callphone’s CEO Precious Ekezie said.

Nze Duru, chairman of Callphone Limited believes that this current milestone marks the next step in the company’s journey of providing seamless financial transactions to customers, partnering with more growth-focused brands, and intensifying its position as the foremost payment solution service provider in Nigeria.

The company noted that the PSS license takes Callphone a step further toward achieving its goal of building a reliable and reputable financial service company. “With this license, the company becomes the pioneer of this license categorisation.”

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This final license approval came approximately five months after the company was given Approval-in-Principle (AiP) back in November 2021.

The company’s other licenses include the Nigerian Communications Commissions’ (NCC) Value Added Services Licence, which empowers them to provide value-added services using shortcode numbers with the allocation of Unstructured Supplementary Service Data (USSD) *174#.

The company is also in a Service Level Agreement (SLA) with all the Mobile Network Operators (MNOs) that grants them direct connectivity to all Nigerian MNOs as an aggregator.

It has the NCC Sales & Installation Licence and the Payment Card Industry Data Security Standard (PCI DSS) Certification. They are duly certified by the Nigeria Inter-Bank Settlement System Plc (NIBSS).

Callphone Limited has also launched several customer-centric products actualizing CBN’s financial inclusion goal in line with the National Financial Inclusion Strategy.

The company’s mission of providing seamless financial transactions to customers and partners is in line with the Central Bank of Nigeria’s financial inclusion policy and this license provides a quantum leap to the growth of this company as it works towards contributing its quota to strengthen and intensify the Fintech reach and creating new possibilities in the financial technology sector in Africa.