MTN Gets CBN Approval To Operate Payment Service Bank
Telecommunication giant, MTN, has gotten the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).
According to a statement issued on Monday by MTN Secretary, Uro Ukpanah, the approval was granted by the Central Bank of Nigeria (CBN).
The statement partly read, “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.”
“The date of commencement will be communicated to the CBN in accordance with its requirements.
“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria, and we are excited at this opportunity to support its fulfilment.”
PSB operators provide financial services via digital means to low-income earners and people that do not use banks or banking institutions for transactions.
They operate in rural regions and areas where Nigerians do not have bank accounts and should have at least 50 percent physical access points in rural areas.
After the CBN approval, MTN Nigeria will join the likes of Moneymaster PSB, a subsidiary of Glo, and 9PSB, a subsidiary of 9mobile, to work in the fintech space.
