Finally MTN gets CBN’s approval to financial services

Telecommunications giants MTN Nigeria has secured the Central Bank of Nigeria (CBN) approval for its subsidiary, Yello Digital Financial Services Limited, to run digital financial services.

Apart from allowing MTN to fully deploy its Financial Technology (Fintech) capability, the Super-Agent Licence will also enable the company to convert its existing airtime agents and recruit other small businesses for the financial service operation.

The company now has the government’s backing to offer financial services to its growing subscribers.

It would be recalled that South African telecommunication giants had since last year been conducting a pilot project to meet the conditions for a full license after receiving provisional approval for its Super-Agency License.

Speaking on the development, MTN’s Chief Executive Officer, Ferdi Moolman, said the company was pleased with the CBN approval, adding that the licence would enable the company to extend its access to financial services.

“We are very pleased that YDFS has been granted a Super-Agent Licence, which enables us to extend access to financial services to a much broader group of Nigerians. This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals. Through the network established by YDFS, MTN is in a position to broaden the availability of financial services for the under-served across the country,” Moolman added.