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HomeTechnologyCBN Grants MTN, Airtel Approval To Operate Payment Service Bank

CBN Grants MTN, Airtel Approval To Operate Payment Service Bank

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The Central Bank of Nigeria (CBN) has awarded MTN Nigeria PLC and Airtel Africa PLC, license to operate a Payment Service Bank (PSB) in the country.

The development was disclosed in regulatory filings on the Nigerian Exchange Limited (NGX).

They are required to fulfil some conditions for the Central Bank of Nigeria (CBN) to issue them regulatory licenses for commencement of operations.

MTN announced on the Nigerian Exchange Ltd that it received regulatory approval on November 4, 2021 to proceed with its MoMo Payment Service Bank Limited, adding that the service would deepen financial inclusion in the country.

“This is the first step in the process towards a final approval, subject to the fulfilment of certain conditions as stipulated by the CBN”, it said.

Airtel Africa while disclosing the approval, said its “Subsidiary SMARTCASH Payment Service Bank Limited (“Smartcash”) has been granted

Segun Ogunsanya, CEO, Airtel Africa, said, “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria.

“We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

“The final operating license will enable us to expand our digital financial products and reach the millions of Nigerians that do not have.”

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