CBN Grants Final Approval for MTN to Launch Mobile Money Bank


April 11 (THEWILL) – The Central Bank of Nigeria (CBN) has granted MTN final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

This was disclosed in a press release titled “CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO BEGIN OPERATIONS”, signed by Uro Ukpanah, the Company Secretary.

“MTN Nigeria Communications PIc (MN Nigeria), announces receipt of a letter dated April 8, 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” MTN said in a communication to the Nigerian Exchange Group Monday.

The company did not specify when operations would begin, but said “the start date will be communicated to the CBN in accordance with its requirements.”

“MTN Nigeria affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we welcome this opportunity to support its realization,” he added.

Last year, Nigerian telecom operators entered an intense battle for PSB licenses with MTN and Airtel leading the race.

PSBs are licensed to registered agents to conduct financial transactions for clients.

The PSB provides telecom operators with fintech capabilities, allowing them to make money transfers for people who don’t have a bank account or an ATM card.

In November 2021, MTN said it had received CBN’s approval in principle for a license application for MOMO Payment Bank Limited.

Airtel also announced on November 5 a similar approval from the apex bank to operate PSB, called “SMARTCASH Payment Service Bank Limited”.

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