Telecoms giants, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.
“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.
The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.
“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM TIMES on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.
“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”
As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…
The Corporate Affairs Commission (CAC) has officially removed companies that failed to file their annual…
The Senate on Thursday agreed with the House of Representatives' recommendation to replace the death…
Monday Odigie, the coach of Bendel Insurance Football Club of Benin, has resigned from his…
Robert Lewandowski has reflected on the time he nearly joined Manchester United in 2012, only…
Maduka Okoye has reflected on his first appearance for the Super Eagles in two years.…