By Azuka Christopher
MON 11 APRIL, 2022-theGBJournal |The Central Bank of Nigeria, (CBN) has granted final approval for Momo Payment Service Bank Limited (Momo PSB), floated by MTN (Nigeria), to commence operations.
MTNN said today that it ‘’received the letter dated 8 April, 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations, and the date of commencement will be communicated to the CBN in accordance with its requirement.’’
The CBN first gave approval in principle on 5 November 2021 towards the licensing of Momo PSB Ltd, a payment service by MTN Nigeria Communications Plc.
The announcement is another major step in Nigeria’s financial revolution since the banking sector consolidation in the early 2000s. MTNN and other major Nigeria telecoms companies have been angling for a slice in the Nigeria banking market.
MTN Group owns 75.6% of MTN Nigeria. It is one of Africa’s largest providers of communications services, connecting approximately 69 million people in communities across the country with each other and the world.
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