The Central Bank Of Nigeria, CBN, has Granted MTN Nigeria Final Approval For Momo Payment Service Bank Limited to Commence Operations in the country.
The Management of the MTN Nigeria Communications Plc through the Nigerian Exchange, NGX, notified the investing community that MTN Nigeria Communications Plc (MTN Nigeria) announces the receipt of a letter dated April 8, 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, it added.
According to the statement excerpted from the Nigerian Exchange (NGX) website which was endorsed by UFo Ukpah, the Company Secretary saying “We refer to our notification issued on November 5, 2021 in which we communicated receipt of the approval in principle from the Central Bank of Nigeria, CBN, for Momo Payment Service Bank Limited (Momo PSB). MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited of this opportunity to support its fulfillment.”
With this approval, MTN Nigeria will be joining Moneymaster PSB, a subsidiary of Glo and 9PSB, a subsidiary of 9mobile, to operate in the fintech space.
Meanwhile, PSBs are expected to function in rural regions and areas where Nigerians do not have bank accounts. They are also expected to have at least 50 per cent physical access points in rural areas.
