MTN announced today it has received a final approval licence to operate its mobile money platform in Nigeria, the continent’s biggest market.
MTN said in a statement that the Central Bank of Nigeria (CBN) has granted final approval for MoMo Payment Service Bank Limited (MoMo PSB) to commence operations.
MTN said it was pleased to announce that MTN Nigeria, as promoter of MoMo PSB, has received a letter dated 8 April 2022 from the CBN addressed to MoMo PSB conveying approval for it to commence the operations.
The company said this follows the approval in principle for MoMo PSB dated 4 November 2021.
The commencement date will be communicated to the CBN in accordance with its requirements.
Speaking on the final approval, MTN Group CEO, Ralph Mupita said “we are grateful to
the CBN for granting the final approval to commence the operations of MoMo PSB, which is an important milestone for our Ambition 2025 strategy.
“We are excited about the opportunity for MTN Nigeria to support the CBN and the Federal Republic of Nigeria in fulfilling the agenda of driving financial inclusion in Nigeria”.
On release of Q1 2022 trading update, on or about 6 May 2022, MTN Group will provide more details regarding commencement of operations along with related matters and timelines.