Renewpapers

Category: Financial & Fintech Licences

CBN licensing in Nigeria — payment service providers (PSSP, PTSP, switching, mobile money), microfinance banks, Bureaux de Change and fintech regulatory approval.

  • Bureau de Change (BDC) Licence in Nigeria: 2024 Guidelines, Tiers & Reapplication (2026)

    Bureau de Change (BDC) Licence in Nigeria: 2024 Guidelines, Tiers & Reapplication (2026)

    The new BDC regime: everything changed in 2024

    The Bureau de Change sector was overhauled by the CBN’s 2024 Regulatory and Supervisory Guidelines for BDC Operations. The CBN revoked a large number of existing BDC licences, introduced Tier 1 and Tier 2 categories with much higher capital, and directed operators to reapply under the new rules. If you want a BDC licence — or need to keep an existing operation alive — this is the current landscape.

    Old BDC licences were swept away. Under the 2024 reform, existing operators had to reapply under the new guidelines; many licences were revoked. Do not assume an old registration still stands — we confirm your status and the path forward.
    Honest note: RenewPapers is not the CBN. BDC licences are granted by the Central Bank. What we do is structure the company to the new guidelines, prepare the application to the right tier, and run it through — plus renewals and compliance.

    Tier 1 vs Tier 2

    • Tier 1 — national reach (franchise/branches), the higher capital and standard.
    • Tier 2 — state-level operation, lower (but still substantial) capital.
    • Both carry strict AML/CFT, SCUML and reporting obligations.

    What is your situation?

    Need a BDC licence under the new rules?

    Tell us your plan. We will confirm the tier and current capital, structure the company to the 2024 guidelines, and run the application or reapplication.

    Start my BDC licenceChat on WhatsApp

    Related guides

    Getting CBN-licensed? Line these up

    Handpicked next steps for this — we can handle any of them for you.

    CBN licence (AIP to final)The master guide to getting CBN-licensed. SCUML registrationCBN-regulated businesses need SCUML. Register a business (CAC)Register the company with CAC first.
    Browse all document services
  • Fintech Regulatory Approval & CBN Compliance in Nigeria (2026)

    Fintech Regulatory Approval & CBN Compliance in Nigeria (2026)

    Fintech and the regulator: get this right first

    The single most expensive mistake a Nigerian fintech makes is building first and asking about regulation later. Almost every fintech product — payments, wallets, lending, savings, FX, crypto-adjacent — triggers a CBN (or other regulator’s) licensing requirement, and operating without it risks shutdown and frozen accounts. This guide helps founders map their product to the right approval and stay compliant.

    Honest note: RenewPapers is not the CBN or a law firm giving regulated legal opinions. What we do is a practical regulatory mapping and application service: identify which licence(s) your product needs, structure and file them, and run ongoing compliance — working with counsel where a formal legal opinion is required.

    Map your product to a regime

    • Moving or processing payments → a payment licence (PSSP/PTSP/Switching/MMO).
    • Holding deposits / lending → a microfinance bank or other deposit/lending licence.
    • Currency exchange → a BDC licence.
    • Everyone → CAC, SCUML, tax and data-protection compliance underpin all of it.

    What is your fintech?

    Compliance is ongoing, not a one-off. A licence comes with reporting, AML/SCUML, data protection (NDPR) and renewals. We keep fintechs compliant after launch, not just to the finish line.

    Launching a fintech in Nigeria?

    Tell us what you are building. We will map it to the right CBN approval, structure and file the licence, and keep you compliant — so regulation is a foundation, not a surprise.

    Map my fintech licenceChat on WhatsApp

    Related guides

    Getting CBN-licensed? Line these up

    Handpicked next steps for this — we can handle any of them for you.

    CBN licence (AIP to final)The master guide to getting CBN-licensed. Payment licences (PSSP/PTSP)The right payment licence for your fintech. SCUML registrationCBN-regulated businesses need SCUML.
    Browse all document services
  • Microfinance Bank (MFB) Licence in Nigeria: Application & Upgrade (2026)

    Microfinance Bank (MFB) Licence in Nigeria: Application & Upgrade (2026)

    Licensing a microfinance bank

    A microfinance bank (MFB) licence lets you take deposits and lend at the community level — and it is one of the more structured CBN licences, graded by tier with capital to match. Whether you are starting one or upgrading an existing MFB to a higher tier, this guide explains the tiers, requirements and the CBN process.

    Honest note: RenewPapers is not the CBN. MFB licences are granted by the Central Bank. What we do is structure the company, prepare the application and feasibility study, and run the AIP-to-final process — and handle upgrades.

    The tiers

    • Unit MFB (Tier 1 / Tier 2) — a single location (or limited branches); the entry tier.
    • State MFB — operate across a state, with higher capital.
    • National MFB — nationwide operation, the highest capital and standard.
    Capital has been rising — confirm the current floor. The CBN has directed recapitalisation across tiers. We confirm the live minimum capital for the tier you want before you commit, and structure accordingly.

    What are you doing?

    Starting or upgrading an MFB?

    Tell us your plan and coverage. We will confirm the tier and capital, structure the bank, and run the CBN application or upgrade.

    Start my MFB licenceChat on WhatsApp

    Related guides

    Getting CBN-licensed? Line these up

    Handpicked next steps for this — we can handle any of them for you.

    CBN licence (AIP to final)The master guide to getting CBN-licensed. Register a business (CAC)Register the company with CAC first. SCUML registrationCBN-regulated businesses need SCUML.
    Browse all document services
  • Payment Service Provider Licences in Nigeria: PSSP, PTSP, Switching & Mobile Money (2026)

    Payment Service Provider Licences in Nigeria: PSSP, PTSP, Switching & Mobile Money (2026)

    Which payment licence does your fintech need?

    The CBN licenses payment businesses by category, and picking the wrong one (or building a product that needs a category you do not hold) is a fast route to a regulatory problem. The core categories are Switching & Processing, Mobile Money Operator (MMO), Payment Solution Service Provider (PSSP) and Payment Terminal Service Provider (PTSP) — with a combined Payment Solution Services route for some. This guide explains what each permits and how to get licensed.

    Honest note: RenewPapers is not the CBN. These licences are granted by the Central Bank after its assessment. What we do is map your product to the correct category, structure and document the application, and run the AIP-to-final process.

    The categories, plainly

    • Switching & Processing — routing and processing transactions across the ecosystem; the heaviest category (highest capital).
    • Mobile Money Operator (MMO) — operating a mobile wallet / e-money scheme.
    • PSSP — payment processing, gateways, aggregation and value-added services (not holding funds like a bank).
    • PTSP — deploying and maintaining payment terminals (POS).
    • Super-Agent / PSB — agent networks and payment service banks are separate, related regimes.
    Your product decides your category — and you can need more than one. A gateway that also deploys POS, or a wallet that also switches, may need multiple approvals or a specific combined category. We map this before you build, so you are not under-licensed at launch.

    What does your product do?

    Need a payment licence?

    Tell us what your product does. We will confirm the exact CBN category (or categories), structure the company, and run the application end to end.

    Sort my payment licenceChat on WhatsApp

    Related guides

    Getting CBN-licensed? Line these up

    Handpicked next steps for this — we can handle any of them for you.

    CBN licence (AIP to final)The master guide to getting CBN-licensed. Fintech regulatory approvalMap your fintech to the right CBN approval. Register a business (CAC)Register the company with CAC first.
    Browse all document services
  • CBN Licence Application in Nigeria: AIP, Final Licence & Requirements (2026)

    CBN Licence Application in Nigeria: AIP, Final Licence & Requirements (2026)

    Getting licensed by the CBN

    If your business touches money in Nigeria — payments, fintech, lending, currency exchange, deposit-taking — it almost certainly needs a Central Bank of Nigeria (CBN) licence. CBN licensing is rigorous, staged and unforgiving of weak applications: it runs from an Approval-in-Principle (AIP) to a final licence, with strict company structuring, capital, fit-and-proper and documentation requirements at every step. This guide maps the journey and the specific licence routes.

    Honest note: RenewPapers is not the CBN and does not grant licences or guarantee approval. We are a licensing consultant: we structure the company, build the application to CBN’s exact standard, manage the AIP-to-final process, and keep you compliant — so your application is not rejected or stalled on a fixable gap.

    The AIP-to-final journey

    • Structure & incorporate — the right CAC structure, objects, shareholding and directors (fit-and-proper matters).
    • Approval-in-Principle (AIP) — the first CBN approval, on a complete application (promoters, business plan, capital evidence, documentation).
    • Post-AIP build-out — meeting the conditions: infrastructure, systems, people, and often depositing the required capital.
    • Final licence — granted after CBN is satisfied the conditions are met.
    • Compliance & renewal — ongoing reporting, AML/SCUML and periodic requirements.

    Which licence do you need?

    Point me to the right licence

    Capital requirements are specific and substantial — and they change. Each licence category has its own minimum capital and conditions, and the CBN has revised several recently. Rather than quote a figure that dates, we confirm the current requirement for your exact category before you plan around it.
    The company structure is decided before you apply, not after. Shareholding, directors, objects and capital all have to be right at incorporation. Fixing a wrongly structured company mid-application is the classic expensive delay — we get it right up front.

    Pursuing a CBN licence?

    Tell us your business model. We will confirm the right licence, structure the company correctly, and run the AIP-to-final application so it is not rejected on a fixable gap.

    Start my CBN licenceChat on WhatsApp

    Related guides

    Getting CBN-licensed? Line these up

    Handpicked next steps for this — we can handle any of them for you.

    Payment licences (PSSP/PTSP)The right payment licence for your fintech. Microfinance bank licenceLicence or upgrade a microfinance bank. Bureau de Change licenceOperate a Bureau de Change lawfully.
    Browse all document services