Telecommunications company, Airtel Africa is set to launch a mobile money service in Abuja, Nigeria. The telco revealed that they are looking to secure the confirmation of a brand name and at the same time obtain a license for the service.
Airtel Africa is Africa’s second-largest telecommunications company after MTN Group. It is also the third biggest telco in Nigeria. The telco has a presence in 14 countries across East, Central and West Africa. It recently launched an IPO at the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE).
This move to delve into the fintech ecosystem in Nigeria will grant it access to compete with MTN Nigeria, who is already running a fintech company.
According to Airtel CEO, Raghunath Mandava the telecommunication industry is growing and Airtel is sure of delivering growth across voice, data and mobile money. These services sustain their medium-term aspirations for revenue and profit growth.
This move by Airtel aligns with the federal government of Nigeria’s goal to achieve 80% financial inclusion in the country by 2020. Considering that CBN revealed that it will allow telecoms to provide banking services to the unbanked and underbanked Nigerians.
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