MTN Nigeria Granted License To Operate Payment Service Bank

Nigeria’s telecoms market pioneer, MTN, has gotten the latest endorsement to work as Mobile Money Payment Service Bank (Momo PSB).

The endorsement was allowed by the Central Bank of Nigeria (CBN), as indicated by an articulation given on Monday by MTN Nigeria Secretary, Uro Ukpanah.

“MTN Nigeria Communications PIc (MTN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations,” the statement partly read.

“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 fulfillment.”

PSB operators offer monetary types of assistance through computerized means to low-pay workers and individuals that do not patronize banks or banking institutions.


They are supposed to work in rural regions where Nigerians don’t have access to bank accounts and ought to have at least 50% actual interactions in the rural regions.

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Following this CBN gesture, MTN Nigeria will now be facing the market with Moneymaster PSB, an auxiliary of Glo, and 9PSB, an auxiliary of 9mobile, to work in the fintech space.

In the meantime, in Ghana MobileMoney Limited, MTN Ghana’s mobile money subsidiary is the mind-boggling market pioneer, representing an astounding 1.085 billion exchanges out of 1.27 billion in the second from last quarter of 2021.

Like Nigeria, mobile organizations have been isolated from the fundamental telecoms administration, with various administrations. In actuality, while the telecom administrator reports to National Communications Authority (NCA), the mobile money service reports to the Bank of Ghana as its controller.

MTN Ghana as an organization has been proclaimed a huge market power by the NCA. However, the Bank of Ghana has not yet singled MTN MobileMoney out for any SMP guidelines yet.

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