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ARTICLE · 13 AUGUST 2024

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How To Obtain A Fintech License In Nigeria: Switching And Processing License

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A Switching and Processing License is one required by companies that engage in processing payments and routing of payment transactions between different financial institution...

NigeriaTechnology
Firmus Advisory
Firmus Advisory

A Switching and Processing License is one required by companies that engage in processing payments and routing of payment transactions between different financial institution, and payment service providers to ensure that payment instructions are correctly directed to the appropriate financial institution for authorization and processing. This license is mostly used by financial technology (Fintech) companies such as flutterwave, Paystack, Habaripay, Interswitch, Moniepoint (formerly Teamapt), Remita and a host of others.

What Can You Use This License For?

  1. Directing payments between different banks and financial institutions.
  2. Authorizing and processing card transactions.
  3. Verifying the accurate transfer of funds between parties.

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NigeriaTechnology
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