The authorisation will enable Upperlink to connect businesses and institutions to the NRS Merchant Buyer Solution (MBS) framework, support real-time invoice validation, secure transmission, and compliant digital tax reporting in line with the new national e-invoicing regime.

Mr. Olusegun Akano, the managing director of Upperlink, said the company’s authorisation as a System Integrator reflects its long-standing strength in enterprise technology, digital infrastructure, and nationally scaled service delivery.

The company has built a reputation as one of Nigeria’s premier indigenous technology firms.

‘’We have delivered secure, scalable, and easy-to-use platforms for business, government, financial services, and digital transformation initiatives. We are licensed by the Central Bank of Nigeria [CBN] as a Payment Solution Service Provider (PSSP) and operate as an aggregator to the Nigeria Inter-Bank Settlement System (NIBSS). This underscores our depth in regulated payment infrastructure and transaction technology. We are the first ICANN-accredited registrar in Nigeria. This is our additional capability in digital infrastructure and cloud-related services’’, Mr. Akano explained.

He added that Upperlink has developed payments and enterprise solutions such as Upperlink Paygate, which aggregates payments across major card schemes, and account-to-account channels and robust treasury systems that support efficient financial control for large corporations and various state governments in Nigeria. These capabilities reinforce the company’s readiness to support large-scale invoicing, reconciliation, and compliance workflows required under the NRS e-Invoicing regime.

Upperlink’s achievements cut across major public sector and social-impact programmes delivered at scale across Nigeria.

For instance, Mr. Akano explained that in the AGILE Project, which is a five-year Federal Government initiative supported by the World Bank, the company provided technical support to some States through a secure portal for beneficiary registration, digital identity capture, database creation, and payment management in partnership with Banks.

Furthermore, Mr. Opeyemi Oni, the chief marketing officer, shed light on the NRS’s Mandate. He said the NRS approval has strengthened Upperlink’s commitment to ‘‘helping Nigerian businesses comply seamlessly with the new e-Invoicing framework while reducing operational friction, improving transparency, and enabling trusted digital record keeping across the eco system’’.

This development comes at a critical time in Nigeria’s tax digitisation journey. The NRS has confirmed a phased rollout of e-Invoicing across large, medium, and emerging taxpayers, with mandatory onboarding windows tied to annual turnover bands above ₦5 billion, between ₦1 billion and ₦5 billion, and below ₦1 billion.

Businesses are expected to integrate their invoicing or accounting processes with the NRS-approved framework and ensure real-time issuance, validation, and submission of invoices through authorised channels from their go-live dates.

As a System Integrator, Upperlink would design, deploy, integrate, and support invoicing compliant systems for organisations,

‘’That need to connect with the national e-Invoicing infrastructure. This includes support for businesses with existing enterprise systems as well as organisations that require middleware or portal-based solutions to meet the new compliance obligations. With the NRS authorisation, Upperlink is positioned to work with corporates, institutions, financial service providers, and public-sector organisations seeking reliable integration support as Nigeria expands the scope of mandatory e-Invoicing nationwide’’, Oni said.

Upperlink Limited is a Nigerian technology company focused on enterprise solutions, payment infrastructure, digital platforms, and e-government services. The company is licensed by the Central Bank of Nigeria as a Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), and Super-Agent, aggregates payment services through NIBSS, and provides products spanning payments, treasury automation, education management, cloud services, and digital business infrastructure. Upperlink has also delivered nationally scaled technology projects across government and development programmes, including work connected to AGILE and humanitarian cash grant distribution initiatives across multiple Nigerian states.

The NIBSS disclosed this in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks.

According to the directive banks are to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System.

NIBSS said that the listing of non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.

The circular reads:

“This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.”

It noted that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

It added, “Another regulatory advice in this regard is the circular with the caption ‘Permissible Services and Products of PSSP Operation in Nigeria’, Ref: BPD/DIR/GEN/CIR/05/004 dated May 11, 2018. Consequent on the above, kindly delist all Switches, PSSPs, and SAs from your NIP Outward Transfer channels only (not inwards).”

To operate in Nigeria’s payment ecosystem, operators must get at least one of the following licences from the CBN, Switching and Processing; Mobile Money Operations; Payment Solution Services; and Regulatory Sandbox.

Only MMOs can hold customer funds, according to the CBN.

[Source]

Today, Yomi Adedeji, the Co-CEO of Eyowo, said that the company would soon resume its financial services using its Payment Solution Service Providers (PSSP) licence, after the disruption caused by the revocation of its Microfinance licence by the Central Bank of Nigeria.

Adedeji disclosed this in an update provided to its customers where he said that the bank is now 98.8 percent ready to resume its activities, stressing that as one of the 75 companies licensed by CBN as PSSPs, Eyowa will continue providing its payment services.

With the PSSP licence, the digital bank can provide financial services such as the operation of payment processing gateway and portals which are utilised by merchants to accept debit or credit card purchases from customers.

“Please bear in mind that with our PSSP licence, we are fully backed by the CBN to continue providing the services you enjoy on Eyowo.” Eyowa Co-CEO said.

Addressing the bank’s issue with its customers’ inability to withdraw or send money on its platform since the revocation of its MFB licence on May 23, Adedeji said the bank is now on the verge of allowing interbank transaction

According to him, the bank has partnered Providus bank to enable inter bank transactions, to which it has started connecting its tier 2 and 3 customers to new accounts, and has revealed that it would send emails on how they can resume transactions.

“We appreciate our partner, Providus Bank, for taking proactive steps to provide us with all the support we needed to get all Eyowo services back up for you and your business. They have been our proud partners of potential.”

“We have connected all Tier 2 and Tier 3 users to new accounts, Tier 1 customers would be upgraded as soon as your BVN is added. As we go live the next email you will receive will include all you need to know to resume interbank transactions”

– Adedeji said.

Acknowledging the financial dis comfort the bank’s situation must have caused to it customer, he empathised with them, noting that he understands because he relies completely on Eyowo and experienced first-hand the same challenges you faced.

The license permits Ceviant to offer a range of payment services to clients in Nigeria, including electronic fund transfers and payment processing.

This license presents further opportunities to partner with banks and other financial institutions within the payments ecosystem, including API integrations with banks, enabling businesses to manage bank accounts, payments, transactions, cash balances, and more, all through a single portal and API.

Ceviant’s FCA license in the UK also allows access to the UK’s financial services ecosystem, making it easier for businesses to manage payments and transactions through a single platform.

With both licenses, Ceviant is poised to provide a more comprehensive range of financial services to customers across Europe and Africa.

Kehinde Dabiri, CEO of Ceviant, commented, “We are proud to have been granted the PSSP license from the Central Bank of Nigeria. This demonstrates our dedication to providing exceptional payment solutions that meet the necessary regulations. At Ceviant, we aim to provide integrated treasury and trade solutions that give our customers more data transparency, automation, visibility, and control of their payments and treasury operations. Receiving the PSSP license is a major achievement for Ceviant. It highlights our dedication to maintaining the security and accuracy of all payment processes. Our team worked hard to meet the demanding standards set by the Central Bank of Nigeria, and we are confident that our payment solutions will continue to meet the changing needs of Nigerian businesses.”

Ceviant provides Multinational Businesses access to its treasury and trade solutions, which focuses on reducing costs and making global business transactions more efficient. The PSSP License enables Ceviant to securely offer its services in Nigeria with features and capabilities that meet local banking requirements. Ceviant is now well-positioned to capitalize on Nigeria’s growing payments market and meet the needs of businesses seeking secure and efficient payment solutions.

Payments are a critical component of treasury management. Treasurers require real-time visibility of cash balances, stress-free money movement, and safe investment options to preserve liquidity.

Ceviant’s Executive Management team has a proven track record that spans payments, mobile banking and digital solutions. I

ts Co-Founders have established successful fintech businesses, that include ARCA and Vanso [which was acquired by Interswitch in 2016].

Headquartered in London, with offices in Bucharest and Lagos, Ceviant is a member of the SWIFT partner program and is ISO accredited. Currently operating in Nigeria and the UK, the company is expanding to other countries in the EMEA.

Headquartered in London, with offices in Bucharest and Lagos, Ceviant is a member of the SWIFT partner program and is ISO accredited. Currently operating in Nigeria and the UK, the company is expanding to other countries in the EMEA.

This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.  

The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. 

The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary.

Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting, Olugbenga GB Agboola, the CEO and Founder, said, “This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”

Commenting on the news, Oluwabankole Falade, Flutterwave’s Chief Regulatory and Government Affairs Officer, said, “We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”

Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.