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MTN gets Nigeria approval for mobile money bank

from EMEKA OKONKWO in Abuja, Nigeria
ABUJA – NIGERIAN authorities have approved the MTN Group’s application to operate MoMo Payment Service Bank Limited (MoMo PSB).

MoMO is the acronym for mobile money.

MTN Nigeria, as promoter of MoMo PSB, has received a letter, dated April 8 2022, from the Central Bank of Nigeria (CBN), addressed to MoMo PSB conveying approval for it to commence the operations.

This follows the approval in principle for MoMo PSB dated November 4, 2021.

The commencement date will be communicated to the CBN in accordance with its requirements, the mobile operator stated.

“We are grateful to the CBN for granting the final approval to commence the operations of MoMo PSB, which is an important milestone for our Ambition 2025 strategy,” MTN Group President and Chief Executive Officer, Ralph Mupita said.

“We are excited about the opportunity for MTN Nigeria to support the CBN and the Federal Republic of Nigeria in fulfilling the agenda of driving financial inclusion in Nigeria.”

MTN Group will provide more details regarding commencement of operations along with related matters and timelines, when it releases its first quarter 2022 trading update, on May 6.

– CAJ News

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