The fintech space in Nigeria is about to get another big competitor in the name of MTN. The telco has now gotten final approval from the Central Bank of Nigeria (CBN) to operate and launch MoMo Service Payment Bank. This final approval comes after it received preliminary approval in principle to operate the PSB in November 2021.
In a statement by MTN company secretary, Uto Ukpanah, he said: “We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the CBN for Momo PSB.
“MTN Nigeria Communications Plc announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.
“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.”
The confirmation will enable MTN to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions. It will take on the likes of Flutterwave, Paystack, OPay, and PalmPay among others.
