MTN has received final approval to run a payment service bank


MTN’s Momo Payment Service Bank Limited has been given the go-ahead by the Central Bank of Nigeria to start business.

On Monday, the company’s secretary, Uto Ukpanah, released a statement revealing this.

This comes after the CBN gave the firm a preliminary license to begin operations in November 2021.

“We refer to our notification issued on November 5, 2021, in which we communicated receipt of the approval in principle from the CBN for Momo PSB,” the statement added.

MTN Nigeria Communications Plc announces the receipt of a letter dated April 8, 2022, from the CBN addressed to Momo PSB conveying final approval to commence operations.

“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.”


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