FRESH: #MTN To Commence Mobile Money Bank As #CBN Grants Final Approval—The Genius Media Nigeria reports that Telecoms firm MTN has received final approval from the Central Bank of Nigeria to begin MoMo Service Payment Service Bank Limited.
The company revealed the development in a statement on Monday.
Telcos in Nigeria last year began an intense scramble for PSB licenses with MTN and Airtel leading in the race.
PSBs are licensed to registered agents to perform financial transactions for customers.
The PSB allows telcos to have fintech capabilities which permits them to do cash transfers for people who do not have bank accounts and ATM cards.
Last year in November, MTN said it had received Approval in Principle from the CBN for a licence application for the MOMO Payment Bank Limited.
Airtel also announced on November 5, similar approval from the apex bank to operate PSB it called ‘SMARTCASH Payment Service Bank Limited’.
“MTN Nigeria Communication Plc announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operation,” MTN said in a communication to the Nigerian Exchange Group.
“The dates of commencement will be communicated to the CBN in accordance with its requirements.”
MTN reiterated it’s commitment towards the financial inclusion agenda of the apex bank and the Nigerian government.