“Can a phone-number-native Payment Service Bank drive financial inclusion for Nigeria's underbanked while surviving elevated cyber and fraud risk?”
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.
Hope PSBank discloses Hope Payment Service Bank Limited (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Hope PSBank does not disclose a bank charter of its own; its banking services are provided through Hope Payment Service Bank Limited (in-house).
Hope PSBank processes payments through Hope PSBank (self-operated).
The Embedded Finance Index 2026 maps 2 layers in Hope PSBank's stack: Payments / PSP (Hope PSBank (self-operated)); Banking / BaaS (Hope Payment Service Bank Limited (in-house)).
Hope PSBank is founded in 2019 and headquartered in Lagos, Nigeria.
Get a read on where your own stack stands against Hope PSBank and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.