Connectpoint, a fintech start-up has been granted a payment service solution provider (PSSP) license by the Central Bank of Nigeria (CBN) to operate as a Super-Agent, having secured approval in principle months ago.
Lawrence Obi, CEO and founder, Connectpoint expressed his excitement about the license and the potential it offers for growth and expansion for the start-up and its customers.
“We are thrilled to have received this license from the CBN. It is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us.”
With the PSSP license, Connectpoint can provide payment services to businesses and merchants in Nigeria, offering a range of payment options beyond its current agent banking services. These services enable businesses to offer financial services, accept payments, and earn consistent income through bill payments, funds transfers, cash deposits and withdrawals, account opening, data, airtime recharge, and health insurance services to their customers within their neighbourhood.
The CEO believes that the license will strengthen the CBN’s effort in digitizing the economy and build more financial pay points across the country. Connectpoint can now explore additional payment use cases, thereby improving the payments experience for enterprise, medium-scale, and retail customers, and creating deeper penetration of payments across Nigeria.
The CBN’s application and review process evaluated all aspects of Connectpoint’s businesses, including its financial position.
Connectpoint is a technology firm focused on payments, financial inclusion, and retail solutions, with presence in all 36 states of Nigeria and offering its retail product to the Ghana market and other African markets. The company aims to extend its blueprint throughout Africa and become a market leader.
