February 1, 2023

We have Approval In Principle with the Central Bank of Nigeria for a Payment Solutions Service Provider (PSSP) Licence

We have Approval In Principle with the Central Bank of Nigeria for a Payment Solutions Service Provider (PSSP) Licence. Here's what it means.

At Duplo, our mission is to make it easier for African businesses to pay each other. Since we went live in January 2022, we have had a lot of success helping businesses of all sizes simplify the way money moves between them and their business partners. Businesses have cut time spent on admin tasks such as account reconciliation by up to 50 percent and reduced payment-related costs by up to 85 percent. 

Our customers no longer have to endure clunky and inefficient payment processes thanks to our digital tools that enable a more efficient, cost-effective, and transparent process of making and receiving payments. But we are not stopping there, we want to transform the entire payment process and this is why we have applied for a Payment Solutions Service Provider (PSSP) licence from the Central Bank of Nigeria.

We are happy to announce that we now have an Approval in Principle (AIP) for this licence which enables us to deliver payment solutions across Nigeria in a test environment for the next six months. For the first time in Nigeria, businesses will be able to manage all their account payables, receivables, and payments on one platform with a seamless workflow. Our customers will also be able to easily handle collection, reconciliation, payouts, financial management, and other aspects of the payment process.

Over the next six months, we will be working tirelessly to deliver our game-changing innovation for our users, in line with CBN’s requirements to ensure we are awarded a full commercial licence. It is an exciting time for us and we are looking forward to delivering these new solutions that will empower businesses to reach their full potential, build deeper relationships with their business customers/partners and make better real-time decisions that improve their bottom line.

Stay tuned for more information. 

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