Earlier in April, it was announced that MTN Nigeria got a final approval from Nigerian regulators to run a payment service bank MOMO PSB, now it has fully began operation.
The permit allows the payment unit to offer several services provided by commercial banks, the notable exceptions being disallowance from issuing credit and processing foreign exchange deals. MoMo Payment Service Bank (Momo PSB) began commercial operations on Thursday
“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria,” said MTN Nigeria’s CEO Karl Toriola.
“Not just for those in urban centres and markets, but also people in rural and remote areas of the country who remain excluded from the financial system,”
MTN Group Limited, the Johannesburg-based parent company of MTN Nigeria, has its fintech business estimated at estimated at $5 billion, roughly twice the valuation of Airtel Africa, which stood at $2.65 billion a year ago.
“We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”