MTN has received final approval from the Central Bank of Nigeria (CBN) to operate as Momo Payment Service Bank Limited (Momo PSB).
Low-income earners and others who do not use banks or banking institutions for transactions can get financial services from PSB operators via digital methods.
“MTN Nigeria Communications PIc (MTN Nigeria) announces receipt of a letter from the CBN dated April 8, 2022, sent to Momo PSB conveying final authorization to begin operations.”
MTN Nigeria’s company secretary, Uro Ukpanah, made the announcement in a statement.
“MTN Nigeria reaffirms its commitment to the CBN’s and the Federal Republic of Nigeria’s financial inclusion agendas, and we welcome this opportunity to help them succeed.”
According to the CBN rules, the primary goal of providing PSB licenses is to increase financial inclusion, particularly in rural regions, and to make transactions easier.
PSBs are expected to operate in rural areas and in locations where Nigerians do not have access to banking services. In rural areas, they are expected to have at least 50% physical access points.
MTN Nigeria will join Moneymaster PSB, a subsidiary of Glo, and 9PSB, a subsidiary of 9mobile, in operating in the fintech industry as a result of this approval.
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