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MTN Receives CBN’s Final Approval To Operate Payment Service Bank

April 11, 2022
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MTN 1
MTN 1
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MTN has received the Central Bank of Nigeria (CBN’s) final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

Uro Ukpanah, company secretary at MTN Nigeria, disclosed this in a statement on Monday, April 11.

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

The statement read: “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 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.”

This approval implies that MTN Nigeria will be joining Moneymaster PSB, a subsidiary of Glo and 9PSB, a subsidiary of 9mobile, to operate in the fintech space.
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