Leading technology-driven digital payments company, Interswitch has revealed its intention to acquire a Payment Service Bank (PSB) license from the Central Bank of Nigeria as it plots service expansion.
In a strategic move, Interswitch, backed by Visa, has revealed its merger plans with mobile money provider M-Kudi, signaling its incursion into PSB operations.
If approved, the merger will marks a significant shift for Interswitch as it looks to expand beyond traditional payment services.
In a bid to diversify its offerings, Interswitch, with Visa’s support, is actively seeking a Payment Service Bank (PSB) license by merging with M-Kudi, a prominent mobile money provider.
The primary objective behind this strategic move is to obtain a Payment Service Bank (PSB) license from the Central Bank of Nigeria, enabling Interswitch to offer a broader range of financial services.
Kuda is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria.
Founded by the duo of Babs Ogundeyi and Musty Mustapha, Kuda started with a small team of people determined to transform the banking landscape with the launched a savings app for Nigerians. That app was the first step toward Kuda, until it set up a microfinance bank to help Nigerians “get the best out of your money without overcharging you.”
The proposed merger with M-Kudi, coupled with the ambition to obtain a Payment Service Bank (PSB) license, signals Interswitch’s commitment to redefine its role in the financial landscape, offering innovative and inclusive banking solutions.
