The CBN Has Approved MTN To Begin Banking Operations As Momo PSB

This was revealed in a press release signed by the Company Secretary, titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS.” In November 2021 MTN Nigeria and Airtel Africa received “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as Payment Service Banks in November 2021. The statement by MTN reads, “MTN Nigeria Communications PIc (MTN 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 said in a statement.

According to the apex bank guidelines, the primary goal of issuing PSB licenses is to increase financial inclusion, particularly in rural areas, and facilitate transactions.

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