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CBN Grants Final Approval For MTN To Commence Mobile Money Bank 


April 11, (THEWILL) – The Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

This was disclosed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS”, signed by Uro Ukpanah, the Company Secretary.

“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”, MTN said in a communication to the Nigerian Exchange Group on Monday

The company did not specify when operations would start, but stated that, “The date of commencement will be communicated to the CBN in accordance with its requirements.”

“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”, it added.

Telcos in Nigeria last year began an intense scramble for PSB licences with MTN and Airtel leading in the race.

PSBs are licenced to registered agents to perform financial transactions for customers.

The PSB allows telcos to have fintech capabilities, which permits them to do cash transfers for people who do not have bank accounts and ATM cards.

In November 2021, MTN said it had received Approval in Principle from the CBN for a licence application for the MOMO Payment Bank Limited.

Airtel also announced on November 5, similar approval from the apex bank to operate PSB it called ‘SMARTCASH Payment Service Bank Limited’.