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Home Africa

Financial Services in Nigeria: Difference Between MMOs, PSBs and MFBs

Aderonke Alex-Adedipe by Aderonke Alex-Adedipe
February 10, 2020
in Africa, Banking, Finance, Fintech, Legal, Nigeria
Reading Time: 1 min read
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Mobile Money Services (run by Mobile Money Operators [MMOs]), Microfinance Banks (MFBs) and Payment Service Banks (PSBs) are three different financial platforms under which some companies in the financial services sector operate to provide the unbanked and underbanked access to beneficial financial tools.

Separate licenses are acquired to operate under these platforms. However, due to the similar financial services companies operating under these platforms offer, the differences between them are sometimes unrecognisable. In the table below, we compare the functionalities, capabilities and restrictions of MMOs, MFBs and PSBs.

In conclusion, MMOs, MFBs and PSBs offer services that are similar but not quite the same. It is important that investors and users of services under these platforms are aware of the functions and limitations permitted and imposed by the licenses, before investing in or procuring the services of companies using these platforms.

Aderonke Alex-Adedipe

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Tags: Aderonke Alex-AdedipeFeaturefinancial servicesfintechMMOMobile Money OperatorsNigeriaPayment Service BanksPSBнигерияنيجيرياナイジェリア尼日利亚
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Aderonke Alex-Adedipe

Aderonke Alex-Adedipe

Aderonke Alex-Adedipe is the co-founder of Nigeria’s Pavestones - a client focused, solution driven and commercially savvy law practice, providing innovative, quality, timely and tailored legal solutions. She has extensive experience advising foreign investors on the Nigerian business environment- including regulatory requirements, business formation, corporate structures, investment incentives, immigration, local content requirements and general corporate commercial transactions.

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