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MTN Nigeria gets approval to diversify into banking

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A leading Telcom firm, MTN has received final approval from regulators in Nigeria to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.

“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM TIMES on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.

“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”

MTN Nigeria and Airtel Africa, who got an approval-in-principle last November to operate in the same space, will to tap Nigeria’s unbanked adult population of 38 million people, who according to Abuja-based media research house and data analytics firm, had N26.2 trillion last year alone, a move that will pit both telcos against traditional banks in getting a slice of the market.

 

Source: Premium Times

 

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Buhari congratulates Somalia’s President-elect, Hassan Mahmud

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President Muhammadu Buhari has congratulated newly-elected Somali President, Hassan Mahmud, “for successfully staging a comeback after being unseated in 2017’’.

Buhari’s greeting is contained in a statement issued by the media aide, Malam Garba Shehu.

“The election of Mahmud is a significant indication that the people of Somalia appreciate his efforts to unite and rebuild the country after decades of civil war and terrorists’ activities.

“President Mahmud’s return to power is a resounding vote of confidence in his ability and leadership, which he demonstrated while he was previously in power.

“Most importantly it signifies that Somalis are committed to a democratic process,’’ Shehu quoted President Buhari as saying.

Buhari noted that “other political parties and leaders in Somalia should unite and rally round President Mahmud in the difficult task of rebuilding Somalia from the ruins of war and terrorist devastation.’’

The president commended the out-going president, Mohamed Abdullahi Farmaajo, for his swift acceptance of Mahmud’s victory which inevitably would lead to a peaceful transition in the best interest of the people.

He reassured the new Somali leader that “Nigeria will continue its usual support for peace-keeping efforts in Somalia.’’

Buhari stressed that “African countries must unite against terrorists and other evil forces seeking to disrupt and destroy our territories.’’

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2023: Tinubu vows to settle Kwara APC crisis

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The national leader of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, has promised to settle the lingering political crisis among factions in the Kwara State chapter of the party.

It is recalled that the chieftains of the party had been embroiled in crisis, together with their supporters, since the inauguration of the present administration in 2019, culminating in the defection of the politicians to other political parties in the state.

Speaking when he met with delegates and party members in Ilorin on Tuesday, Senator Tinubu appealed to all aggrieved members of the party to sheathe their sword for the amicable resolution of the crisis.

“We’ll settle the crisis. This is a family affair. We call on all aggrieved members to sheathe their swords and come back to the fold. Well settle the crisis as soon as possible”, he said.

The presidential aspirant, who was received by the governor, his deputy, the three APC senators in the state and the state and federal lawmakers among other personalities and party bigwigs across the country, had earlier visited the Emir of Ilorin, Dr Ibrahim Sulu Gambari, in his palace.

On his presidential ambition, Senator Tinubu appreciated the APC members in the state for endorsing him as their preferred choice, saying that he would not disappoint them if elected as president.

“We’re coming up with a lot of programmes, just make me your president. I know better how to do it. I know the way. I can navigate the way to prosperity for people and the nation. I can mentor your children for a progressive future. It’s your turn to produce the president. We’ll succeed in this one. 

“You have shown me love and that you’ve made up your mind to give me your support. I’m just to show appreciation for your support. You have responded to the governor when he asked you where you would stand and you chorused your endorsement. I’m just too thrilled. I appreciate your endorsement for my ambition.”

The presidential hopeful, who commended the Governor Abdulrahman Abdulrazaq of Kwara State for leading a progressive government, promised him to work with him to win a second term ticket.

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“The governor, a private person recommitted himself and became a politician that came to rescue the state and put the state on path of recovery. It’s sure that he would be returned. 4+4. We’ll continue to work together. Never will Kwara state slide back into the hands of termites. We know how to do it,” he said.

Also speaking, Governor Abdulrazaq thanked the APC national leader for being a worthy instrument that made it possible to take power from the immediate past Peoples Democratic Party (PDP) government.

“This is the first visit of the APC national leader after my inauguration as governor. We can’t thank you enough for helping us to take over power in the state. One good turn deserves another. It’s not about money, it’s about commitment. We thank you once again. Asiwaju, we’re very grateful. You’re different from some other presidential aspirant in another party in the state. Now, we’re in good standing from mess inherited from the past government in education, health, workers’ welfare etc,” he said

 

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