The Central Bank of Nigeria (CBN) recently released regulations and guidelines for the operations of Payment Service Banks (PSBs) in Nigeria.
PSBs could revolutionise the Nigeria financial services industry, and be potential challengers to the incumbents in the industry, as they usher in a new era of innovative payments to customers.
KPMG has developed a point of view on this development and provided detailed perspectives on the issues in this publication (Payment Service Banks – The ‘Challenger’ Banks in Nigeria) including:
- An overview of PSBs and the implications for the Nigerian financial services landscape.
- Emerging market trends and their implications for the operations of PSBs.
- Potential levers of growth and profitability for PSBs, including how some of these levers can be adjusted for success.
- Outstanding issues regarding the operations of PSBs that may require regulatory attention going forward.
- A critical review of the India payments banks experience, on which the CBN has modelled PSBs, with insights from our KPMG colleagues in India.
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