Two of Nigeria’s leading telcos, MTN Nigeria and Airtel Africa plc have been granted approval by the Central Bank of Nigeria to operate payment service bank (PSB) in the country.
This was announced in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday.
READ ALSO: Former Kwara Commissioner, Jide Adebayo Is Dead
Chief Executive Officer of Airtel Africa, Segun Ogunsanya said “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.
“The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.
The company secretary at MTN Nigeria, Uto Ukpanah said, MTN Nigeria remained optimistic that it would eventually get the PSB licence.
READ ALSO: JUST IN: Body of Fourscore MD Femi Osibona Found
“This is the first step in a long process that would lead to eventual approval. In other words, MTN Nigeria would be required to fulfil a number of conditions, even as ‘the decision to issue a final approval is firmly within the regulatory purview of the CBN’,” the statement reads.
“MTN Nigeria expressed optimism that it would eventually get the PSB license, and reaffirmed its commitment to the financial inclusion agenda of the CBN in Nigeria.”
MTN’s PSB is MoMo Payment Service Bank Limited while Airtel PSB is Smartcash Payment Service Bank Limited.
©ControlTV2021.
