List Of POS Companies Approved By CBN In Nigeria

POS operators are fintech companies licensed by Central Bank of Nigeria (CBN) as a mobile money operators. Their operations within Nigeria are approved by CBN to offers financial services such as money transfer, cash withdrawal, cash deposits, cardless withdrawal, airtime & data topups and ATM card withdrawals, to the banked, under-banked and unbanked part of the country.

Mobile Money Operators (MMO) e.g POS Agents make it easy for individuals to carryout financial transactions without needing to wait or queue at the bank. However, as a means of making money for the fintech companies, a certain fees will be incurred on every transactions perform using their services.

There are many reasons people prefer carrying out their banking transactions on POS terminal. Now, take for instance, during the shortage of naira note in Nigeria, banks networks broke down due to high demands of services from the customers, causing inability to use bank mobile app, online banking, ATMs, and even USSD codes.

Hence, during this period, many Nigerians have diverted to other financial service providers including Kuda Bank, Moniepoint POS, PalmPay POS, OPay POS, Paga, and ALAT to perform the banking transactions with easy. Furthermore, this has increased the rate of  service demands from these fintech companies, and also making many counterfeit coming out.

Due to the rate of counterfeit of the fintech companies that are threatening and scamming people of their money, many Nigerians are curious about the legitimacy of the mobile money operators and whether they’re or they’re not licensed by the Central Bank of Nigeria (CBN) to operate in Nigeria. Thanks to CBN, the apex bank has released the list of POS agents that are licensed to provide mobile money services to Nigerians.

Below are the POS companies licensed by Central Bank Nigeria (CBN) to operate as a Mobile Money Operators in Nigeria:

1. PalmPay POS

PalmPay POS is a product of PalmPay Limited Company. The Fintech is a Chinese-owned company that operate in Nigeria as a mobile money service provider. PalmPay POS is licensed in Nigeria by CBN to offer financial services to the banked, unbanked, and the under-banked area of Nigeria.

2. OPay POS

OPay Point-Of-Sale (POS) and OPay App are products of OPay Digital Service Limited. The Fintect is also a Chinese-owned company approved by CBN to operate as a mobile money provider in Nigeria. With OPay POS, Nigerians can carryout funds transfer, cash withdrawal, card and cardless withdrawal, airtime and mobile topup e.t.c.

The fintech firm is proud to unveiled it 20 millions registered app users and over 700,000 POS agents across Nigeria. Hence, Opay POS agents are among the legit mobile money agents in Nigeria that offers financial services to individuals and businesses. Furthermore, all deposits on OPay are insured by Nigeria Deposit Insurance Corperation (NDIC).

3. Moniepoint POS

Moniepoint is the fastest growing fintech firm in Africa. The company is a Nigerian-owned company and its POS is licensed and approved by CBN. Although, it’s not listed among the CBN’s recent updated 17 licensed mobile money operators in Nigeria, but Moniepoint POS has been in existences since 2015. The company was founded by Tosin Eniolorunda and Felix Ike under the name “TeamApt” to provide back-end services to Nigerian banks.

This is to say Moniepoint started as a licensed POS firm in Nigeria before it delve into banking services provider with Microfinance bank license from the Central Bank of Nigeria. Now, Moniepoint offers POS services, personal banking services and business banking services all as a different products in different applications.

4. Kudi POS

MKudi Nigeria Limited is among the approved mobile money operators in Nigeria to offers POS services to businesses and individuals. The fintech firm was launched in 2017 and introduced it POS technology in 2018. Kudi POS is licensed by CBN to provide financial services to the banked and the under-banked geographical areas of Nigeria.

5. Paga POS

Paga POS is owned by Pagatech Limited. Through operating license and approval from the Central Bank of Nigeria (CBN), the POS service was launched for the purpose of offering financial services to Nigerians. Lunched 2009 by Tayo Oviosu and since that time, Paga has recorded over 20 millions unique users.

Here are the 17 CBN’s approved Mobile Money Operators in Nigeria:

1. Abeg Technology Limited
2. Chams Mobile Limited
3. eTranzact International Limited
4. Fortis Mobile Money Limited
5. Funds and Electronics Transfer Limited (FETS)
6. Hedonmark Management Service Limited
7. Mkudi Nigeria Limited
8. NowNow Digital Systems limited
9. Pagatech limited
10. PalmPay Limited
11. Parkway Projects Limited
12. OPay Digital Service Limted
13. Teasy International company Limited
14. Visual ICT Limited
15. VTNetwork Limited
16. Xpress MTS Limted
17. Kongapay Technologies Limited

Listed above are the CBN’s 17 approved fintech companies that can offers POS services to Nigerians. They’re given a Mobile Money Operator (MMO) License to carryout their operation in Nigeria. For financial companies like Kuda Bank, and Moniepoint Banking, they’re giving a microfinance bank license which allows them to operate a digital/online banking system.

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