MTN Nigeria mulls merger of Momo Payment Service Bank and Yello Digital Financial Services
Karl Toriola, CEO, MTN Nigeria


In further push to to go fully into financial services, MTN Nigeria Communications Plc says it has obtained an Approval-in-Principle (AIP) from the Central bank of Nigeria (CBN) to launch its proposed MoMo Payment Service Bank Limited.

The approval is an important requirement to obtain final approval from the apex banking authority, subject to the fulfilment of other stipulated conditions.

The announcement was made through a press release dated 5th of November 2021, signed by the Company’s Secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

“MTN Nigeria Communications Plc (MTN Nigeria) as promoter, received an Approval in Principle (AIP) dated 4 November 2021 from the Central Bank of Nigeria (CBN) for a licence application for the proposed MoMo Payment Service Bank Limited,” the statement said.

“This is the first step in the process towards a final approval, subject to the fulfilment of certain conditions as stipulated by the CBN. The decision to issue a final approval is firmly within the regulatory purview of the CBN and we respect their right and judgment in that regard.

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

“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.”

MTN had, two years ago, launched its mobile money transfer service called MoMo Agent Network.

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