MTN has gained final approval from Nigerian regulators to operate a payment service bank, according to a regulatory filing released on Monday.
In a statement to the Nigerian Exchange, the telco heavyweight said of the bank to be called as MoMo Payment Service Bank Limited, “The date of beginning would be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements.”
The clearance, which comes after more than two years of waiting, allows the local unit of Johannesburg-based MTN Group Limited to provide practically all of the services offered by traditional commercial banks, with the exception of credit and foreign exchange operations.
“We aim to take advantage of the financial inclusion movement.” “We intend to provide consumers who do not have bank accounts or even ATM cards with the ability to conduct banking transactions,” a top telco executive revealed.
“And we’re taking advantage of our size.” We are well-positioned to reach everything with over 70 million customers distributed over Nigeria and our infrastructural spread. That’s exactly what we’re aiming for.”