MTN Nigeria, which
controls 40
percent market
share, and Airtel
which has a 27
percent share of
the telco market,
have been given
approval-in-
principle by the
Central Bank of
Nigeria (CBN) to
commence
banking business
in the country, the
two leading
communication
giants said on
Friday.
In separate letters
addressed to the
management of the
Nigeria Exchange,
the telecom
companies
announced that
their subsidiaries
have been granted
approval in
principle to operate
Payment Service
Banks in Nigeria.
“Airtel Africa, a
leading provider of
telecommunications
and mobile money
services, with a
presence in 14
countries across,
today announces
that its subsidiary
SMARTCASH
Payment Service
Bank Limited
(“Smartcash”) has
been granted
approval in
principle to operate
a payment service
bank business in
Nigeria,” the
company said in its
letter.
It said the “Final
approval is subject
to the Group
satisfying certain
standard conditions
within six months”.
On its part, MTN
said: “MTN Nigeria
communications
PLc as promoter
received an
approval in
principle dated 4
November 2021
from the CBN for a
licence application
for the proposed
MoMo Payment
Service Bank
Limited”.
MTN said the grant
of approval in
principle is the first
step in the process
towards final
approval, subject to
the fulfillment 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,” it said.
Reacting to the
development, Segun
Ogunsanya, CEO,
Airtel Africa, said: “I
am very pleased
that Smartcash has
been granted an
approval-in-
principle to operate
a service bank
business in Nigeria.
“We will now work
closely with the
Central Bank to
meet all its
conditions to
receive the
operating licence
and commence
operations”.
He said that the
final operating
licence will enable
Airtel to expand its
digital financial
products and reach
the millions of
Nigerians that do
not have access to
traditional financial
services.
“I am looking
forward to working
closely with the
Government, the
Central Bank and
traditional financial
institutions to
expand financial
inclusion and meet
the evolving needs
of our customers
and the economy,”
Ogunsanya said.
In its response, MTN
Nigeria affirmed its
commitment
towards the
financial inclusion
agenda of the CBN
and the Federal
Republic of Nigeria
and promised to
continue 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,” MTN
said.
The granting of
banking lincences
to the telecoms will
set off a new
competition
between them and
the banks.

https://dailytrust.com/mtn-airtel-get-cbn-approval-to-start-banking-business?fbclid

naijacutee puskin FOD
dominique mynd44 oam4j lalasticlala seun

Welcome development.
The competition will start
but we Nigerians can't tolerate any poor network from any part
Serve us better and gets more customers.

Good let it boost the competition

Very much needed for now.

Like 4 e-naira.. Share 4 mtn/airtel...

Nice

Mightymosco:
Like 4 e-naira.. Share 4 mtn/airtel...

More job opportunities. But they are yet to
give Nigerians premium network services

hisgrace090:
Very much needed for now.

MTN already into MOMO Agent

ManirBK:
More job opportunities. But they are yet to
give Nigerians premium network services

We shld learn to make do wt wat we hv bro...

ManirBK:
MTN already into MOMO Agent

not active in Nigeria