MTN Nigeria gets CBN approval for MoMo payment service bank
MTN Nigeria says it has received approval in principle from the Central Bank of Nigeria (CBN) for a licence application for its MOMO Payment Bank Limited.
This is contained in a notice signed by the Company Secretary, Uto Ukpanah, and posted on the website of the Nigerian Exchange (NGX) Limited in Lagos on Friday.
According to the notice, this is the first step in the process towards the final approval, subject to certain conditions as stipulated by the CBN.
The notice said the decision to issue the final approval belongs to the CBN and their rights and judgement in that regard will be respected by MTN Nigeria.
“MTN Nigeria affirms its commitment towards the financial inclusion of CBN and the Federal Republic of Nigeria and continues to explore means whereby it can contribute to its fulfilment.
“While we look forward to the eventual grant of a final PSB licence, we will continue to communicate material information in accordance with regulatory obligations and guidelines,” it said.
MoMo is an acronym for mobile money which allows registered agents to perform transactions for customers.
It also allows cash transfers for people who do not have bank accounts and ATM cards.
(NAN)
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