MTN to launch mobile money bank as CBN grants final approval – The Whistler Newspaper

Telecom company MTN has received final approval from the Central Bank of Nigeria to launch MoMo Service Payment Service Bank Limited.

The company disclosed the development in a statement on Monday.

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 that allow them to perform money transfers for people who do not have a bank account or an ATM card.

Last year in November, 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”.

“MTN Nigeria Communication Plc announces 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 start dates will be communicated to the CBN in accordance with its requirements.”

MTN has reiterated its commitment to the financial inclusion agenda of the apex bank and the Nigerian government.

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