The Central Bank of Nigeria (CBN) has issued Traction, a MSME fintech platform, a 3-in-1 license to operate officially as a payment solution provider across various payment categories.
This is one of the most recent licenses from CBN since 2022 and Traction is one of the first FINTECH’s to receive this 3-in-1 license from CBN.
This commercial Payment Service Solution Provider (PSSP) license enables Traction to provide a wide range of payment services to businesses that support them in delivering efficient payment options that cater to the varying payment needs of their customers. With this approval, Traction can operate under the Payment Solution Service (PSS) license category as a PSSP/ PTSP/ Super-Agent in Nigeria.
Co-founder of Traction, Dolapo Adejuyigbe, said, “Our focus has always been to expand and be able to cater to a wide range of business owners with our product offerings. Equipping these merchants with growth solution services is key for us at Traction. This license guarantees that we can expand beyond the city to towns to help small businesses of all types achieve their optimum performance.”
He added that this license also deepens the collaboration between Traction and other fintech partners enabling them to extend their payment infrastructure to other players within the ecosystem.
Traction currently offers product offerings leveraging payment solutions, credit facilities and free business tools. The payment solutions include card-enabled payments (POS terminals), bank transfer and will expand to include USSD amongst other payment methods to support a wide range of MSME payment needs.
Co-founder, Traction, Mayowa Alli, stated how it impacts the innovative product solutions. “This is really exciting news for us as this gives us the opportunity to continue delivering product solutions that address the pain points of customers. This certification means that we can keep innovating especially in terms of payments, allowing us to provide multiple payment channels that ensure business owners can better manage their businesses to optimize their profits, reduce fraud and effectively reconcile their accounts.”
He added that Traction will continue building solutions to remain a one stop platform for MSMEs to run their business and will remain dedicated to driving innovation in MSMEs in Nigeria.
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