MTN Nigeria gets CBN approval for MoMo payment service bank
MTN Nigeria says it has received approval in principle from the Central Bank of Nigeria (CBN) for a licence application for its MOMO Payment Bank Limited.
This is contained in a notice signed by the Company Secretary, Uto Ukpanah, and posted on the website of the Nigerian Exchange (NGX) Limited in Lagos on Friday.
According to the notice, this is the first step in the process towards the final approval, subject to certain conditions as stipulated by the CBN.
The notice said the decision to issue the final approval belongs to the CBN and their rights and judgement 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 fulfilment.
“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,” it said.
MoMo is an acronym for mobile money which allows registered agents to perform transactions for customers.
It also allows cash transfers for people who do not have bank accounts and ATM cards.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
2027: Group trains female journalists on digital security
She said women in public life faced growing risks from cyberattacks and AI-generated deepfakes, among others.
NationWide
Tinubu begs Nigerian doctors abroad to return home
Mr Tinubu described the contributions of diaspora doctors as invaluable.
World
ICC fires top prosecutor Karim Khan over sexual misconduct
Mr Khan, 56, a prominent British lawyer, has served as prosecutor of the ICC since 2021.
NationWide
NCC, REA sign MoU to expand telecoms, electricity access in rural communities
The MoU is expected to improve coordination between the two agencies.
Lagos
Agege council chairman empowers residents with N140 million
Mr Obasa said that each beneficiary would receive the sum of N100,000 as business support.
NationWide
2027: Abdulsalami urges INEC to resist political pressure, calls for free, fair, credible elections
He advised the electoral chief and his team to remain steadfast and ignore unwarranted distractions.
