MTN Nigeria has received final permission from the Central Bank of Nigeria (CBN) for the launch of Momo Payment Service Bank, marking the telecoms company’s first foray into banking.
This final clearance comes after the company’s mobile money arm received preliminary permission in November 2022.
MTN said it will announce the start date for its PSB in accordance with regulatory rules in a notification to the investing public sent through the Nigeria Exchange Group on April 11, 2022.
“We refer to our statement made on November 5, 2021 in which we notified receipt of the approval in principle from the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited,” the communication to investors stated (Momo PSB).
“MTN Nigeria Communications Pic (MTN Nigeria) announces receipt of a letter from the CBN dated 8 April 2022 written to Momo PSB conveying final authorisation to begin operations.” The CBN will be notified of the start date in accordance with their procedures.
“MTN Nigeria reaffirms its commitment to the CBN’s and the Federal Republic of Nigeria’s financial inclusion agendas, and we welcome this opportunity to help them succeed.”
Both MTN and Airtel were granted clearance in principle in November 2021, bringing the total number of PSBs in the country to five from the present three.