CBN Licenses UK Payment Company to Compete With Flutterwave, Paystack, Others

CBN Licenses UK Payment Company to Compete With Flutterwave, Paystack, Others

  • Another payment service company has obtained a CBN license to operate in Nigeria
  • London-based Unlimint said it received the permit to work in the payment ecosystem in the country
  • It will join the likes of Flutterwave, Paystack, and Payday, among others, in Nigeria

The Nigerian fintech ecosystem will witness a new baby as the Central Bank of Nigeria (CBN) has granted a license to a UK payment company to operate in the country.

The London-based fintech company, Unlimint, has secured a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria.

CBN, Unlimint, Paystack, Flutterwave
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit" Bloomberg/Contributor
Source: Getty Images

Unlimint to compete with big players in Nigeria

The company said it would commence operations in Nigeria, Africa’s biggest economy.

PAY ATTENTION: Join Telegram channel! Never miss important updates!

The company will lock horns with Africa’s payment giant, Flutterwave, Appzine, Paystack, Payday, and Chipper Cash, among others in Nigeria.

Read also

129-year-old First Bank announces corporate name Change of subsidiaries across Africa, United Kingdom

Per Unlimint, the license enables it to operate as a legitimate payment service provider in Nigeria. It delivers various payment services and means to help local businesses expand their reach and service offerings.

Nairametrics reports that CBN’s guidelines allow organizations with PSSP licenses to operate payment gateways and portals, develop payment solutions and applications and provide merchant service aggregation and collection.

The company’s for Africa and India, Trevor Goott, said it is the company’s vision to be a key player in the region and to ride on the waves of digital and tech explosions across the fintech ecosystem in Nigeria and Africa.

Goott said:

"The Nigerian economy holds significant potential for fostering the development of innovative organizations such as Unlimint.

Goott said Unlimint’s launch in Nigeria is the first step in the company’s African market expansion, with other announcements coming soon.

Company offers variety of choice for businesses

Read also

FG to Pay $23.3 million for consultancy fee on $800 million World Bank Loan for subsidy relief, CBN reacts

Experts believe that Unlimint’s launch in Nigeria will offer struggling small businesses the choice of expanding their services and payment options.

Last year, CBN suspended the use of naira cards for international payments in Nigeria, restricting companies from using their naira cards for online transactions.

The likes of Flutterwave discontinued the use of virtual dollar cards for international payments, citing issues.

However, Chipper Cash, Payday, and others offering virtual dollar cards have been criticized for excessive charges and for using black market exchange rates on their virtual cards.

Unlimint was established in 2009 to offer an extensive portfolio of financial services, including payment processing, banking as a service (BaaS), and fiat solutions for crypto, DeFi, and GamFi.

Unlimint employs about 500 people across five continents, including Frankfurt, Singapore, Sao Paulo, Hong Kong, and Mexico.

Flutterwave leads top Nigerian brands that became globally renowned in 2022 reported that Nigerian companies, primarily driven by entrepreneurs, have made a huge global impact in 2022 with stories that have humble beginnings.

Read also

Facebook, WhatsApp, Access Bank Apps, and others top the list of Most frequently used apps in Nigeria

From startups that began with young people trying their hands on things that would improve ecosystems in the country, these companies, most of which have gone on to become unicorns charted courses for themselves and others.

Most of the companies are mainly concentrated in the financial services sector.


Online view pixel