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MTN Nigeria has announced plans to rollout mobile payment services through its Momo Payment Service Bank Limited (Momo PSB) following final approval by Nigeria’s regulatory authorities.
Momo PSB will virtually operate all banking services offered by conventional commercial banks except granting credit and processing foreign exchange transactions.
““MTN Nigeria Communications Plc (MTN Nigeria) announces the receipt of a letter dated April 8, 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,” the mobile giants said while disclosing the approval of the Central Bank of Nigeria (CBN).
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“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited about this opportunity to support its fulfillment,” said MTN’s Company Secretary, Uto Ukpanah.
MTN is Nigeria’s leading telco with more than 70 million telephone subscribers and the country’s largest network operator by revenue.
