The Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).
This was disclosed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS” signed by Uro Ukpanah, the Company Secretary.
In November 2021 Nigeria’s leading telecommunications companies MTN Nigeria and Airtel Africa received an “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks.
The statement by MTN reads, “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.”
MTN did not specify when operations would start but stated that, “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,” it added.
The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2 billion to partially…
A former presidential spokesman, Doyin Okupe has dismissed claims by Peter Obi of the Labour…
Leading Igbo Socio-cultural Organisation, Ohanaeze Ndigbo, has commended the arrest of self-acclaimed Biafra Prime Minister,…
A car dealer has gifted Nigerian singer Davido a new vehicle for his birthday. …
There is palpable tension in the Peoples Democratic Party (PDP) after the acting National Chairman…
The Arewa Consultative Forum says the policies of the President Bola Tinubu-led administration has worsened…