MTN Payment Service Bank has been Approved by the Apex Bank
The Central Bank of Nigeria (CBN) has given its approval in principle to MTN Nigeria Communications Plc’s MOMO Payment Bank Limited licence application.
This is according to a notice issued by the Company Secretary, Mrs Uto Ukpanah, and published on the Nigerian Exchange (NGX) Limited’s website in Lagos on Friday.
The notice states that this is the first step in the procedure leading to final approval, which is subject to the CBN’s requirements.
MTN Nigeria would respect the CBN’s rights and judgement in issuing the final approval, according to the announcement.
“MTN Nigeria affirms its commitment to CBN and the Federal Republic of Nigeria’s financial inclusion and continues to explore ways in which it can contribute to its realisation,” the statement stated.
“While we wait for a final PSB licence to be granted, we will continue to communicate material information in accordance with regulatory obligations and guidelines,” it stated.
Mobile money (MoMo) is an abbreviation that permits registered agents to conduct transactions on behalf of customers.
People without bank accounts or ATM cards can use it to make cash transfers.
What you should know.
CBN has Approved MTN Payment Service Bank