The Central Bank of Nigeria has granted MTN Nigeria Communications Plc final nod to operate its Payment Service Bank in the country
This was disclosed in a statement signed by the company’s secretary, Uto Ukpanah.
The statement said:“We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the CBN for Momo PSB.
“MTN Nigeria Communications Plc 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’s approval is coming after the CBN granted Globacom and 9Mobile PSB licences through their subsidiaries, Money Master PSB and 9 PSB, in 2019.