Friday , September 29 2023

MTN, Airtel secure approval to operate payment service bank

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MTN Nigeria and Airtel Africa have secured approval in principle to operate a payment service bank (PSB).

The telecommunications giants disclosed this in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday.

They are required to fulfil some conditions for the Central Bank of Nigeria (CBN) to issue them regulatory licences for commencement of operations.

MTN announced on the Nigerian Exchange Ltd that it received regulatory approval on November 4, 2021 to proceed with its MoMo Payment Service Bank Limited, adding that the service would deepen financial inclusion in the country.

“This is the first step in the process towards a final approval, subject to the fulfilment of certain conditions as stipulated by the CBN”, it said.

Airtel Africa while disclosing the approval, said its “Subsidiary SMARTCASH Payment Service Bank Limited (“Smartcash”) has been granted

Segun Ogunsanya, CEO, Airtel Africa, said, “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria.

“We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

“The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have.”]

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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