CBN awards payment service holdco status to Chams Holdco

• Published date: 20 January 2023
• Publication title: Nigeria - The Nation

The Central Bank of Nigeria (CBN) has awarded a Payments Service Holding Company License (PSHC) to Chams Holdings Plc.

The apex bank premised the license on the major payment licenses within the company.

Group Managing Director (GMD), Chams Holdings Plc, Mayowa Olaniyan stated that Chams HoldCo was granted the PSHC license on Friday, January 13th, 2023 by CBN and also renewed both Switching, and Mobile Money Operators (MMO) licenses for the subsidiaries.

According to her, the need for the PSHC license is to establish a business institution that will further increase the pivotal role of the company in the payment industry across Africa and ensure global relevance.

'Chams HoldCo has a primal focus of growing its consumer and digital payments solution as it expands other potential and current investments in the digital space.

'We have significantly improved the value of our assets at Chams HoldCo. Chamsswitch Limited, for example, has partnered with 3 major card schemes for card processing and has implemented two robust B2B products called Kardit and PelPay. This has tremendously increased its transactional payment volumes. Similarly, Chamsmobile...