MTN has received final approval to run a payment service bank.
MomoPayment Service BankLimited has received final approval from the Central Bank of Nigeria to begin operations. On Monday, the company’s secretary, Uto Ukpanah, released a statement revealing this.
This comes after the CBN gave the firm preliminary license to begin operations in November 2021.
“We refer to our notification dated 5 November 2021 in which we notified receipt of the CBN’s clearance in principle for Momo PSB,” the statement added.
“MTN Nigeria Communications Plc announces the receipt of a letter from the Central Bank of Nigeria (CBN) dated April 8, 2022 written to Momo PSB, conveying final authorisation to begin operations.”
“The CBN will be notified of the start date in compliance with its procedures.
“MTN Nigeria reaffirms its commitment to the CBN’s and the Federal Republic of Nigeria’s financial inclusion agendas, and we welcome this opportunity to help them succeed.”