Hope PSBank
“Can a phone-number-native Payment Service Bank drive financial inclusion for Nigeria's underbanked while surviving elevated cyber and fraud risk?”
Founded2019
HQLagos, Nigeria
IndustryBank / National
The story
Hope PSBank was incorporated in September 2019 as one of Nigeria's licensed Payment Service Banks (a CBN category designed to deepen financial inclusion for the unbanked). Positioned as a digital-first bank where the customer's phone number is the means of payment, it targets accessibility and affordability of basic banking services. In October 2024, the bank became the subject of a ₦10 billion cyberattack that resulted in court-ordered freezes on 818 downstream accounts — a material event for its risk and compliance posture.
Product timeline
2019
Hope Payment Service Bank Limited incorporated in Nigeria as a digital-first Payment Service Bank.· banking
2024
Suffered ₦10 billion cyberattack; Federal High Court froze 818 accounts linked to the incident.· regulatory
Regulated entities
1
regulatory licence held by Hope PSBank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Hope PSBank’s embedded-finance stack
Payments / PSP
Hope PSBank (self-operated)
Banking / BaaS
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.