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CBN Approves MTN Nigeria To Operate Payment Service Bank

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The Telecommunication monster, MTN, has obtained the final authorization to administer as (Momo PSB) Momo Payment Service Bank Limited.

The authorization was approved by the CBN-Central Bank of Nigeria, according to a message published on Monday (April 11) by Uro Ukpanah, the MTN Secretary.

“MTN Nigeria Communications PIc (MN Nigeria) declares the voucher of a letter dated (8 April 2022) from the Central Bank of Nigeria addressed to (Momo PSB) expressing ultimate approval to begin operations,” the message partly read

The date of opening will be disseminated to the Central Bank of Nigeria in agreement with its provisions.

“MTN affirms its responsibility towards the economic inclusion policy of the Central Bank and the Federal Republic of Nigeria, and we are delighted at this great opportunity to support its fulfilment

PSB operators give financial services through digital means to low-income earners and individuals that do not use banks or banking organizations for transactions.

They are required to operate in rural areas and regions where Nigerians do not have bank accounts and should have at least 50% physical entry points in rural regions.

Following the Central Bank nod, MTN Nigeria will enlist the likes of 9PSB, a subsidiary of 9mobile and Moneymaster PSB, a subsidiary of Glo, to administer in the fintech space