MTN Nigeria Gets Final Approval To Start Banking Operations


Leading Telecommunication company, MTN Nigeria, has received approval from Central Bank of Nigeria, CBN, to start its Payment Service Bank (MoMo PSB).

This was made known in a statement by MTN Secretary, Uto Ukpanah, on Monday.
According to the telecommunication company, the commencement date for the full operation of the Bank will be communicated soon.
The statement read: “MTN Nigeria Communications PIc 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.”

MTN Nigeria and Airtel Africa had last November received an “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks.

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