What is the meaning of Payment Service Bank? This page is about the meaning and definition of Payment Service Bank.
Payment Service Banks are banks that are licensed by the Central Bank of Nigeria (CBN) to provide financial services through digital means to low-income earners and people that do not use banks or banking institutions for financial transactions.
Payment Service Banks accept deposits from individuals and small businesses, carry out payment and remittance services within Nigeria, issues debit & prepaid card, operate electronic wallets, and other activities prescribed by the CBN.