MTN Gets Final Approval to Commence MoMo Payment Service Bank

MTN Nigeria has obtained final approval to commence mobile money (MoMo) Payment Service Bank (PSB) Limited, the group said in a statement on Monday.

According to the statement, MTN said it received a letter from the Central Bank of Nigeria (CBN) for the telecom communication to begin the operation of MoMo PSB after meeting regulatory requirements.

Recall that the telecom giant had gotten approval in principle for mobile money PSB on 4 November 2021 from the apex bank. Its immediate rival Airtel Africa also obtained approval in the same period.

However, MTN Group said the commencement date will be communicated to the CBN in accordance with its requirements. The telco giant targets about 40 million unbanked in Nigeria.

Speaking on the final approval, MTN Group President and CEO, Ralph Mupita said “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.

“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”.

On the release of Q1 2022 trading update, MTN said the group will provide more details regarding the commencement of operations along with related matters and timelines on or about 6 May 2022.