Multinational telecommunications operator, MTN Nigeria, announced that it has received final approval from Nigerian regulators to operate MoMo Bank, a payment service bank,.
In a statement to the Nigerian Exchange, MTN says the date of commencement of MoMo Payment Service Bank Limited will be disclosed to the CBN (Central Bank of Nigeria) in accordance with its requirements.
The approval, which comes after more than two years of waiting, allows the local unit of Johannesburg-based MTN Group Limited to provide all of the services offered by traditional commercial banks, with the exception of credit and foreign exchange operations.
According to an anonymous tip from a top telco executive to PREMIUM TIMES, MTN is quoted saying, “We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services. And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”
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