MTN Nigeria Joins Banking Sector, Gets Approval For Momo Bank

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MTN Nigeria Joins Banking Sector, Gets Approval For Momo Bank-marketingspace.com.ng
MTN Nigeria Joins Banking Sector, Gets Approval For Momo Bank-marketingspace.com.ng

MTN Nigeria, one of the leading Telecommunication companies, has received final approval from Central Bank of Nigeria (CBN) to run its Payment Service Bank (MoMo PSB).

This was made known by Uto Ukpanah, MTN Secretary in a release.

The statement read: “MTN Nigeria Communications PIc announces the receipt of a letter dated 8 April, 2022 from the CBN, addressed to Momo PSB conveying final approval to commence operations.”

According to MTN, the commencement date for the full operation of the Bank will be communicated soon. “The date of commencement will be communicated to the CBN in accordance with its requirements.”

The statement continued: “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 fulfillment.”

It would be recalled that in November 2021 MTN Nigeria and Airtel Africa received an “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks.

The new development will give the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.

This move will help MTN Nigeria tap Nigeria’s unbanked adult population of 38 million people.