MTN Nigeria get CBN approval for MOMO Payment Service Bank

MTN Nigeria Communications Plc says it has received Approval in Principle from the Central Bank of Nigeria (CBN) for a licence application for the MOMO Payment Bank Limited.

This is contained in a notice signed by the Company Secretary, Mrs Uto Ukpanah posted on the website of the Nigerian Exchange (NGX) Limited in Lagos on Friday.

According to the notice, this is the first step in the process towards the final approval, subject to certain conditions as stipulated by the CBN.

The notice said that the decision to issue the final approval was firmly within the regulatory purview of the CBN and their rights and judgement in that regard will be respected by MTN Nigeria.

It read: “MTN Nigeria affirms its commitment towards the financial inclusion of CBN and the Federal Republic of Nigeria and continues to explore means whereby it can contribute to its fulfillment.

“While we look forward to the eventual grant of a final PSB licence, we will continue to communicate material information in accordance with regulatory obligations and guidelines,” it said.

MoMo is an acronym for mobile money which allows registered agents to perform transactions for customers.

It allows cash transfers for people who do not have bank accounts and ATM cards.