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MTN GETS APPROVAL TO OPERATE MoMo PAYMENT SERVICE BANK Ltd IN NIGERIA

MTN Nigeria gets approval by CBN to operate MoMo payment service bank in Nigeria An approval has been given to mtn nigeria by the central bank of Nigeria (CBN) in principle towards the licensing of MoMo payment service bank Ltd, a payment service bank (PSB) by MTN Nigeria communications plc.

MTN Nigeria would be required to fulfil a number of conditions which one of them is to meet a minimum capital requirement of $12.2million (N5billion).this is a condition MTN Nigeria could easily meet, seeing as its parent company reported a 19.1% revenue growth to $8.2billion in Q3 2021. Even as the decision to issue a final approval is firmly within the regulatory preview of CBN.

CBN approves for MTN to operate MoMo payment of service bank However,MTN Nigeria has assured that it would eventually get the PSB license as MTN and other telecommunication companies like AIRTEL has been waiting for this opportunity since 2018 since Nigerian government first announced its willingness to issue the PSB licence.

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