By Dipo Olowookere

The management of MTN Nigeria Communications Plc has confirmed securing an approval from the Central Bank of Nigeria (CBN) to offer financial services to millions of residents of the country.

A statement signed by its scribe, Uto Ukpanah, on Wednesday, July 31, 2019, said the licence was obtained by its subsidiary, Yello Digital Financial Services limited (YDFS), so as to deepen financial inclusion in Nigeria.

According to the statement, the telco will engage the services of its airtime dealers spread across the country to offer the financial services to consumers, while others would be recruited as agents.

“MTN Nigeria Communications Plc announces that its subsidiary, Yello Digital Financial Services Limited (YDFS) has been granted a full Super-Agent Licence by the Central Bank of Nigeria (CBN).

“The Super-Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN Nigeria to convert their existing airtime agents and recruit other small businesses to distribute financial services,” the statement said.

MTN Nigeria explained that YDFS received approval in principle for its Super-Agent licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence.

“The successful pilot has now led to the granting of a full licence under the YDFS will distribute financial services to all Nigerians,” it said.

The company noted that, “The Super-Agent licence enables us to extend access to financial services to a much broader group of Nigerians.

“This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals.”

Continuing, the firm, which dominates the market share in the country, stated that, “Through the network established by YDFS, MTN Nigeria is in a position to broaden the availability of financial services for the under-served across the country. This mars a very important first step in leveraging our infrastructure to scale our fintech initiatives.”

“We have also applied for a Payment Service Ban licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly,” it revealed in the statement.

https://businesspost.ng/2019/08/01/mtn-to-convert-recharge-card-sellers-to-financial-services-agents/

This is a good move in the right direction judging from the fact that MTN made the biggest cash throughout the whole continent from Nigeria. They should do more......

a new big dog is in town, it's come to share in the profits

What financial services are they going to provide

Mtn always improving and expanding

Airtel on hearing the news

MTN na thief!

Ayam not understanding

PhenomenalMorgan:
What financial services are they going to provide

mobile money stuff like paga

..

Another exploitation. They should focus in their core competency.

If this is a way to compensate them for the ridiculously tiny profits they make from recharge card business, it's a welcome move

What Abt recharge card buyers

Good radiance.

Does it mean i can convert my airtime on on mtn line to cash?

This is a welcome development because our Nigeria banks are risks averters that doesn't like going to the rural areas. With this people in the remote hinterland will be able to receive and also send money! I knew that banks can't kill this much awaited development for they've tried in many ways to sabotage and frustrate this in the past. We god save us from wicked banking system!

As usual

MTN won't stop growing nice business strategist, hope others telecom's are following suit ,izza competitive market

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Nigerian banks are in trouble. expect a drop in their yearly profits except the smart ones that can adapt

MTN has seen what the population is yet to see sha it's just business though

Good riddance and more job opportunities for Nigerians

It’s just like a calling Marketer in the bank as Business developer!

namiji2598:
What Abt recharge card buyers

they'd be chewing the used recharge cards. Keep Nigeria clean; that kind thing!

More explanations needed on d nature of services to be provided

nybol:
Ayam not understanding

no be alone o

But many banks have started agency banking unless they want to hijack that.

Nice one, just like Kenya's Mpesa agents. With Mpesa, you can cash out PayPal, Skrill, Western Union, Moneygram, Worldremit etc without a bank or a bank account. Our banks go hear am!

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