CBN approves banking services for MTN Nigeria

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CBN approves banking services for MTN Nigeria

The Central Bank of Nigeria, CBN, has granted approval in principle to MTN Nigeria Communications Plc for the rendering of banking services via MOMO Payment Bank Limited.

The announcement is contained in a statement issued by MTN on Friday, signed by its Company Secretary, Uto Ukpanah, and posted on the website of the Nigerian Exchange, NGX, Limited.

The statement explained that the approval was the first step in the process towards the final approval, subject to certain conditions as stipulated by the CBN.

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It further said that the decision to issue the final approval was firmly within the regulatory purview of the CBN, adding that their rights and judgment in that regard will be respected by MTN Nigeria.

“MTN Nigeria affirms its commitment towards the financial inclusion of CBN and the Federal Republic of Nigeria and continues to explore means whereby it can contribute to its fulfillment.

“While we look forward to the eventual grant of a final PSB licence, we will continue to communicate material information in accordance with regulatory obligations and guidelines,” MTN wrote in the statement said.

Periscope International reports that MoMo is an acronym for “mobile money”, which allows registered agents to perform transactions for customers.

It allows cash transfers for people who do not have bank accounts and ATM cards.

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