Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CBN decision, including banking and payment rails.
Get an EMI license in Nigeria.
Africa's largest payments market: the Central Bank of Nigeria licenses Mobile Money Operators - the e-money licence - at ₦2 billion capital, with processing, solution-provider and agent tiers below. 220 million people, instant rails, and we build the file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Nigeria in brief
The continent's volume, licensed in tiers.
Nigeria licenses payments through the Central Bank of Nigeria under its consolidated licence categorisation: the Mobile Money Operator licence - wallets, e-money issuance and agent networks - carries ₦2 billion minimum capital, the same as switching and processing; payment solution service providers and payment terminal service providers sit at ₦100 million; super agents at ₦50 million. The categories are deliberate: an MMO holds float and issues e-money, a PSSP builds the rails others ride, a super agent aggregates the cash-in/cash-out network, and the CBN polices the boundaries, with capital verification, shareholder scrutiny and a process that rewards complete files and punishes optimistic ones.
The market is Africa's main event: 220 million people, NIBSS instant payments carrying some of the world's largest real-time volumes, a cash economy still converting, and fintech giants - homegrown and licensed - proving the model at scale. The real caveats: the naira's volatility is a treasury question we model, not a footnote; the 2025 tax reform acts reshape rates and administration from 2026; and CBN review is thorough. Realistic end-to-end for an MMO: 9-15 months, with lighter tiers faster. We run the file from our Lagos office.
CBN licence categorisation: MMO (e-money, wallets, agents) at ₦2 billion verified capital; switching ₦2B; PSSP/PTSP ₦100M; Super Agent ₦50M - the tiers price every rung.
The market: 220M people, world-scale NIBSS volumes, cash still converting. Naira treasury modelled without wishful thinking from day one.
The two routes
The MMO licence - or the lighter tiers.
One categorisation, four rungs: the Mobile Money Operator at ₦2 billion for float and wallets, with PSSP, PTSP and Super Agent tiers below. We fix the rung first, then build once.
The MMO at ₦2 billion - or the PSSP/PTSP/agent rungs below.
01 - MOBILE MONEY OPERATOR
The e-money licence
The flagship CBN licence: e-money issuance, wallets and agent networks at ₦2 billion capital. Float-holding, NIBSS-connected and supervised as the near-bank it is.
The flagship CBN licence: e-money issuance, wallets and agent networks at ₦2 billion capital. Float-holding, NIBSS-connected and supervised as the near-bank it is.
- ✓E-money issuance and wallets
- ✓₦2 billion minimum capital
- ✓Agent-network operation
- ✓NIBSS instant-payment connectivity
- ✓Float safeguarding - CBN-policed
- ✓9-15 months realistic
02 - PSSP · PTSP · SUPER AGENT
₦50-100M entry tiersThe lighter rungs
Payment solution service providers and terminal providers at ₦100 million, super agents at ₦50 million. Processing, gateway and agent-aggregation models licensed without float, faster and lighter.
PSSP/PTSP ₦100M; Super Agent ₦50M; no float on the lighter rungs; ladder upward.
- ✓PSSP - gateways and processing · ₦100M
- ✓PTSP - terminal infrastructure · ₦100M
- ✓Super Agent - network aggregation · ₦50M
- ✓No float - the MMO boundary
- ✓Faster licensing than the MMO
- ✓Upgrade path up the ladder
Costs and timelines are confirmed for your case before any work begins. CBN capital is verified, not asserted; escrow, substance and compliance costs are itemised in your quote.
Why Nigeria
The volumes are not optional.
Africa's payments future runs through Lagos. The categorisation is the legal way in, and the tiers make it plannable.
✓
220 million people
Africa's largest market by population and payment volume. Models that win Nigeria win the continent's centre of gravity.The continent's centre of gravity.
✓
NIBSS-scale rails
Nigeria's instant-payment volumes rank among the world's largest. The infrastructure layer is already built and licensed players ride it.World-ranked instant volumes.
✓
A tiered, published ladder
₦50M agent, ₦100M solution provider, ₦2B operator. The categorisation prices each rung, so market entry is a strategy rather than a leap.₦50M → ₦2B, priced per rung.
✓
The conversion curve
Cash still dominates daily life. The wallet conversion that saturated markets finished is Nigeria's current decade, and licensed issuers own it.Cash-to-wallet is this decade.
✓
Proven at scale
Homegrown fintechs built billion-dollar payment businesses under exactly these licences. The precedent is domestic, recent and public.Domestic billion-dollar precedent.
✓
Sober treasury modelling
The naira is a real variable. We model FX, repatriation and pricing into the plan from day one, because pretending otherwise is how entrants fail.Naira modelled, not footnoted.
How it compares
How Nigeria differs from other routes.
Nigeria trades stability-market comforts for the continent's volumes. The full comparison is below.
Nigeria vs other jurisdictions
| Feature |  Nigeria | Other jurisdictions |
|---|---|---|
| Regime | CBN categorisation - tiered | Single-licence regimes |
| E-money capital | ₦2 billion - MMO | €350k in the EU |
| Market | 220M, converting from cash | Saturated mostly |
| Treasury | Naira - modelled without wishful thinking | Hard-currency |
Regime
NigeriaCBN categorisation - tiered
Other jurisdictionsSingle-licence regimes
E-money capital
Nigeria₦2 billion - MMO
Other jurisdictions€350k in the EU
Market
Nigeria220M, converting from cash
Other jurisdictionsSaturated mostly
Treasury
NigeriaNaira - modelled without wishful thinking
Other jurisdictionsHard-currency
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Nigeria | MMO (CBN) | 30% large · 2026 reform | ₦2B verified, thorough CBN |
 United Kingdom | EMI (FCA) | 25% CIT · 19% small | PSRs/EMRs regime |
 UAE | Licensed routes (CB/ADGM) | 9% CIT | Free-zone architectures |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, EU passport |
NigeriaLicense typeMMO (CBN)
Taxation30% large · 2026 reform
Requirements₦2B verified, thorough CBN
United KingdomLicense typeEMI (FCA)
Taxation25% CIT · 19% small
RequirementsPSRs/EMRs regime
UAELicense typeLicensed routes (CB/ADGM)
Taxation9% CIT
RequirementsFree-zone architectures
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, EU passport
Before you apply
Requirements for the CBN licence.Requirements for the licence.
The CBN verifies rather than accepts. Capital, people and systems alike. The checklist below is what a passing application contains.
01
Nigerian entity. A locally incorporated company with its operations in Nigeria.
02
Capital - ₦2 billion for the MMO (₦100M PSSP/PTSP, ₦50M Super Agent), deposited and verified per CBN process.
03
Fit and proper shareholders and directors. Competence, clean records and ownership transparent to UBOs.
04
Programme of operations. The wallet or processing model, volumes and five-year financials the CBN interrogates.
05
Float safeguarding. Settlement and trust arrangements for the MMO's e-money liabilities.
06
Agent-network framework. Recruitment, oversight and liability structures for the cash-in/out layer.
07
AML/CFT framework. KYC, monitoring and NFIU reporting with a resident compliance officer.
08
Technology and security. CBN-grade systems documentation, NIBSS integration readiness and resilience.
09
Governance. Board composition, control functions and the CBN's approval of key appointments.
10
Treasury discipline. FX, repatriation and pricing modelled into the plan, not discovered after it.
01
Nigerian company, local ops.
02
₦2B verified capital (MMO).
03
CBN-approved directors.
04
Owners transparent to UBOs.
05
Five-year interrogable plan.
06
Float safeguarding, verified.
07
Agent-oversight framework.
08
AML with NFIU reporting.
09
NIBSS-ready technology.
10
Treasury modelled in the plan.
Reflects the CBN's approved licence categorisation and payments circulars as of 2026.CBN categorisation + circulars, as of 2026.
How it works
From first call to the CBN licence.
01
Tier and strategy
MMO or a lighter rung, corridors and agent plans. Fixed in writing with capital and timeline.MMO or ladder - in writing.
02
Nigerian company and people
Incorporation, verified capital and the directors the CBN approves.Incorporation, verified capital.
03
The application file
Model, safeguarding, agent framework and technology documentation. Complete before filing, because the CBN verifies everything.Verification-grade, complete.
04
CBN review
Thorough rounds answered - 9-15 months realistic for the MMO; lighter tiers faster.9-15 months MMO; tiers faster.
05
Licence and launch
The licence granted, NIBSS integration live, agent network deploying. Africa's volumes, entered properly.NIBSS on, agents deploying.
Quick facts
RegulatorCBN
MMO capital₦2 billion
Switching & processing₦2 billion
PSSP / PTSP₦100 million
Super Agent₦50 million
RailsNIBSS instant payments
MMO timeline9-15 months
Market220M people
The CBN verifies capital, people and systems rather than accepting assertions. A file built for verification is the entire game, and our job.
On the ground in Nigeria
Run from our Lagos office.
Prifinance - Nigeria
Lagos · Nigeria
Lagos, Nigeria
01
Nigerian company formation
Local incorporation, the verified capital plan and the corporate layer the CBN expects. Structured for the licence from day one.Verified capital path, structured.
02
The CBN file
Wallet model, float safeguarding, agent framework and technology documentation. Drafted with Nigerian counsel and defended through the CBN's thorough rounds.Built for verification, defended.
03
Tier strategy
MMO from day one or the PSSP/agent ladder first. The rung chosen against capital, timeline and the model's actual float needs.The right rung, chosen first.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Lagos's deep fintech talent pool. Real substance the CBN recognises.Lagos talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Nigeria.
The 2025 reform acts reshape the system from 2026. We model the law in force, with the naira's treasury reality alongside.
Corporate tax 30% - large
Large companies carry 30% on profits, with the 2025 reform acts consolidating rates, reliefs and administration from 2026. We model against the reformed law.2025 acts effective 2026.
The 2026 reform
Nigeria's tax acts of 2025 take effect from 2026. Development levies, adjusted reliefs and administrative consolidation that change the modelling meaningfully.Rates and levies, remodelled.
VAT 7.5%
The 7.5% VAT applies per product with financial-services nuances. Mapped per revenue line rather than assumed.Per revenue line, mapped.
Treasury reality
Naira volatility, FX windows and repatriation mechanics are the real fiscal variables. Modelled into pricing and capital planning from day one.FX and repatriation planned.
Lagos cost base
Africa's deepest fintech talent pool prices competitively. Engineering and compliance scale without hub-market burn.Deep talent, competitive.
Treaty network 15+
A functional treaty set including the UK and the Netherlands. Group structures above the Nigerian entity are chosen carefully.Holding layer chosen carefully.
Tax summary
Corporate tax (large)30%
Reform2025 acts · effective 2026
Standard VAT7.5%
WithholdingBy payment type · treaties
TreasuryNaira - modelled without wishful thinking
Tax treaties15+
*Figures as of 2026 per FIRS and the 2025 reform acts. Holding-structure choice above Nigeria is a genuine decision. We model it.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Nigerian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed operator.
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Nigeria · CBN
Launch your payment project in Nigeria with expert support.
Full-service assistance - from incorporation to the CBN licence, NIBSS integration and ongoing compliance.
Get a consultation →Free legal opinion
Is Nigeria the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Nigerian payment licences: frequent questions.
What licence does an e-money business need in Nigeria?+
The Mobile Money Operator licence from the Central Bank of Nigeria - ₦2 billion minimum capital under the approved licence categorisation, covering e-money issuance, wallets and agent networks. It is the Nigerian EMI in everything but name.
What are the lighter tiers?+
Payment solution service providers and payment terminal service providers at ₦100 million, super agents at ₦50 million - processing, gateway and agent-aggregation models without float. The boundary is float: hold customer value and you are in MMO territory.
How long does licensing take?+
Realistically 9-15 months for the MMO, with lighter tiers faster - the CBN verifies capital, shareholders and systems rather than accepting assertions, and complete files move measurably quicker.
How is the capital handled?+
Deposited and verified per CBN process - the ₦2 billion is real, escrowed money, not a balance-sheet assertion. We structure the funding and the verification path before filing.
What substance is expected?+
A Nigerian company with CBN-approved directors, a resident compliance officer reporting to the NFIU, float safeguarding that verifies, an agent-oversight framework and NIBSS-ready technology.
How are payment companies taxed?+
30% for large companies with the 2025 reform acts effective from 2026, 7.5% VAT mapped per product, withholding by payment type, and the naira's treasury mechanics modelled as seriously as the tax.
Why is the Nigerian market worth ₦2 billion of capital?+
220 million people, NIBSS instant-payment volumes among the world's largest, and a cash-to-wallet conversion still in progress - homegrown fintechs built billion-dollar businesses on exactly this licence. The precedent is public.
What about the IMTO route for remittances?+
International money transfer operators run under a separate CBN approval - the inbound-remittance lane. Corridor models often hold IMTO first and add the MMO later; that page and pairing are part of our Nigeria family.
How real is the naira risk?+
Real and manageable - FX windows, pricing structures and repatriation planning belong in the business plan, not the crisis meeting. We model treasury with the licence, which is why our entrants stay entrants.
Why Nigeria rather than a hard-currency hub?+
Hubs give you rails; Nigeria gives you users - at a scale nothing else on the continent approaches. Africa-focused models license where the volume lives and treasury-manage the rest. We build both layers.
What's needed?+
CBN MMO - ₦2B verified capital.
Lighter tiers?+
PSSP/PTSP ₦100M; agents ₦50M.
How long?+
9-15 months MMO; tiers faster.
Capital?+
Deposited and verified - real money.
Substance?+
Approved directors, NFIU lines.
Taxes?+
30% large; 2026 reform modelled.
Why worth it?+
220M users, NIBSS volumes, precedent.
Remittances?+
IMTO - separate approval, paired.
Naira risk?+
Real - modelled from day one.
Vs hubs?+
They have rails; Nigeria has users.
Client notes
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