October 4, 2023

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NFIS: CBN Grants MTN Final Approval.


CEM REPORT | The Central Bank of Nigeria (CBN) has granted telecom giant NTN Nigeria license to operate Payment Service Bank (PSB).

According to Guardian Business, MTN Nigeria announced the receipt of the letter conveying final approval from the financial regulatory body.

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

This approval comes in line with the CBN and Federal Government, National Financial Inclusion Strategy(NFIS)

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MTN Nigeria’s Chief Executive Officer, Mr Ralph Mupita, affirms its committed to the National Financial Inclusion Strategy.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited about this opportunity to support its fulfillment.”

He added that the license is a milestone in achieving the company’s Ambition Plan.

“We are grateful to the CBN for granting the final approval to commence the operations of MoMo PSB, which is an important milestone for our Ambition 2025 strategy,” Mr Mupita said.

The PSP license allows MTN Nigeria to offer wider range of financial services, beyond its Mobile Money (MoMo) license, which it received November 5, 2001.

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