The Central Bank of Nigeria (CBN), has granted MTN Nigeria its final approval to operate its Momo Payment Service Bank Limited (Momo PSB).
In a corporate disclosure filed with Nigeria Exchange Group (NGX), the telco disclosed that CBN granted the approval in a letter dated Friday, April 8, 2022.
“MTN Nigeria Communications Plc (MTN) 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,” the corporate disclosure read.
“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 fulfillment,” it added.
This approval followed an earlier approval in principle which MTN received back in November 2021.
What you should know
BizWatch Nigeria understands that MTN and other non-bank players have long been anticipating their PSB licenses since the Nigerian Government first announced its willingness to issue them in 2018. The announcement was seen as a welcome development, a first step in what was deemed a financial revolution.
Telcos like MTN and Airtel looked forward to taking advantage of the more than 60 million Nigerians who are estimated to be financially excluded, by providing them access to financial tools.
