Like MTN, Airtel Gets CBN’s Final Approval To Operate Agency Banking

Just like MTN, Airtel Africa Plc has received the Central Bank of Nigeria (CBN’s) final approval to operate as a super agent.

Prime Business Africa had reported that MTN, two weeks ago, received the CBN’s final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

This multipurpose newspaper can report that super agents are companies approved by CBN to recruit agents for agency banking, such as financial services within communities on behalf of banks to deepen financial inclusion.

In a statement on Tuesday, Airtel said the CBN awarded its subsidiary, Airtel Mobile Commerce Nigeria, with the full super agent licence. 

The development comes about five months after the telecom company was granted approval-in-

Airtel Africa had said final approval of the super agent licence was subject to the group satisfying certain standard conditions.

Prior, the telco firm had received CBN’s nod to operate a payment service bank (PSB) via Smartcash Payment Service Bank Limited.

Super agents are companies approved by CBN to recruit agents for agency banking, such as financial services within communities on behalf of banks to deepen financial inclusion.

According to the CBN’s regulatory framework, super agents are responsible for monitoring and supervising the activities of agents, including the volume and value of transactions for each type of service they offer, as well as monitoring effective compliance with set limits.

The statement read: “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the Central Bank of Nigeria (‘CBN’) has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super agent licence.

“The licence allows us to create an agency network that can service the customers of licenced Nigerian banks, payment service banks and licenced mobile money operators in Nigeria.”