MTN Gets Approval to Start Banking Operations as Momo PSB

The Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

This was disclosed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS” signed by Uro Ukpanah, the Company Secretary.

In November 2021 Nigeria’s leading telecommunications companies MTN Nigeria and Airtel Africa received an “Approval in Principle” (AIP)  from the Central Bank of Nigeria to operate as Payment Service Banks.

MTN in a statement says, “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.”

MTN did not specify when operations would start but stated that, “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,” it added.

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