MTN gets CBN approval to operate Payment Service Bank

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Telecommunication giant, MTN, has received the final approval to operate as Momo Payment Service Bank Limited (Momo PSB). The approval was granted by the Central Bank of Nigeria (CBN), according to a statement issued on Monday by MTN Secretary, Uro Ukpanah.

“MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” the statement partly read.

“The date of commencement will be communicated to the CBN in accordance with its requirements. “MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria, and we are excited at this opportunity to support its fulfilment.”

PSB operators provide financial services through digital means to low-income earners and people that do not use banks or banking institutions for transactions.

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