CBN Grants MTN Approval To Commence Mobile Money Bank.
MTN has received final clearance from the Central Bank of Nigeria (CBN) to operate as Momo Payment Service Bank Limited (Momo PSB).
This was revealed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS,” which was 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.