The Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).
MTN Nigeria made this announcement in a statement signed by the company’s secretary on Monday.
The statement reads, “MTN Nigeria Communications PIc (MTN Nigeria) announces the receipt of a letter dated 8 April 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.
“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria, and we are excited at this opportunity to support its fulfilment.”
PSBs are licenced to registered agents to perform financial transactions for customers.
The PSB allows telcos to have fintech capabilities, which permits them to do cash transfers for people who do not have bank accounts and ATM cards.
