Site icon Connectnigeria Articles

MTN Ventures Into Banking And Financial Services With Momo Payment Service Bank Limited (Momo PSB)

    MTN, Nigeria’s largest mobile network service provider, has expanded its services to financial payments following the approval to operate by CBN. The mobile network giant will operate as Momo Payment Service Bank Limited (Momo PSB). This move is coming off after a series of rebranding the company underwent late last year up till early this year.
Read more about Fintech
This was published in a press release and signed by Uro Ukpanah, the Company Secretary, read, “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS”. The press statement began by announcing that,  “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.” However, the company did not indicate when operations would start but affirmed that “The date of commencement will be communicated to the CBN by its requirements.” It further stated “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,” 
Sign up to the Connect Nigeria daily newsletter
The Idea Behind This Move According to the CBN guidelines, the fundamental objective of granting PSB licenses is to increase financial inclusion, especially in rural areas and facilitate transactions. According to CBN, this is, “To enhance financial inclusion in rural areas by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other entities through high-volume low-value transactions in a secured technology-driven environment,” 
Register to attend  the Connect Nigeria Business Mixer
The Benefits Featured Image Source: 21st Century Chronicle
Got a suggestion? Contact us: editor@connectnigeria.com
Exit mobile version