A subsidiary of MTN Nigeria has been awarded a licence by the country’s central bank that would allow it to provide financial services, the telecoms firm said on Monday.
Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to so-called mobile money services, a policy that has been successful in Kenya.
South Africa’s MTN Group, which owns a majority stake in MTN Nigeria, said at the time it would apply for a mobile banking licence in Nigeria and planned to launch the service in 2019. Since then, MTN Nigeria listed in Lagos in May in a 2 trillion naira ($6.54 billion) debut that turned it into the exchange’s second-largest stock by market value.
MTN Nigeria’s chief exceutive Ferdi Moolman said on Monday its Yello Digital Financial Services Limited (YDFS) unit had been granted a “full super agent” licence by the Central Bank of Nigeria.
“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. This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives,” said Moolman.
“We have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly,” he said. He did not give specifics.
MTN runs Nigeria’s biggest mobile phone network serving around 56 million people.
You may be interested
For How Long Is My Motor Insurance Policy Valid?Webby - September 12, 2022
When purchasing auto insurance, you can tailor many aspects, including the types of coverage you select, the amount of your…
NDLEA sets ablaze 1.8 tons of cocaine in LagosWebby - September 28, 2022
....As Marwa promises drug cartels a tough time By Kingsley Omonobi, AbujaChairman of the National Drug Law Enforcement Agency, NDLEA,…
We will continue to protect freedom of speech, Buhari assures diplomatsWebby - September 28, 2022
President Muhammadu Buhari has assured the international community that Nigeria will continue to encourage freedom of speech and robust political…
Nigeria will encourage freedom of speech, robust discourse, Buhari tells diplomatsWebby - September 28, 2022
President Muhammadu Buhari has assured that participation of citizens in democracy will continue to be encouraged through freedom of speech…