MTN Nigeria, a subsidiary of South Africa-headquartered MTN Group Ltd, announced earlier today that it has received a final approval from the Central Bank of Nigeria (CBN) to begin operating Momo Payment Service Bank Ltd. Uro Ukpanah, company secretary at MTN Nigeria, in a press release on Monday, titled “The Central Bank of Nigeria Grants Final Approval for Momo Payment Service Bank Limited to Commence Operations”. “MTN Nigeria Communications PIc (MN 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 statement reads.
“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.”
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.
