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MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking - Business - Nairaland

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MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by politicoNG: 11:27am On Apr 11, 2022
The approval gives the firm the leave to operate virtually all the services offered by conventional commercial banks except granting credit and processing foreign exchange transactions.


Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.

“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM time on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.

“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”

MTN Nigeria and Airtel Africa, who got an approval-in-principle last November to operate in the same space, will to tap Nigeria’s unbanked adult population of 38 million people, who according to Abuja-based media research house and data analytics firm, had N26.2 trillion last year alone, a move that will pit both telcos against traditional banks in getting a slice of the market.

https://www.premiumtimesng.com/news/headlines/523144-breaking-mtn-nigeria-diversifies-into-banking-gets-final-approval-for-momo-bank.html

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Nobody: 11:46am On Apr 11, 2022
Nice one grin cheesy

16 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by nero2face: 11:49am On Apr 11, 2022
MTN succeeded in Nigeria bcuz they were the first telecommunication company, no reasonable Nigeria will prefer to bank with their so called bank when we have world class banks around us (and I don't see them giving any special kind of banking aside what we're having already)...not with all the wahala they're giving us with their network

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by God1000(m): 11:49am On Apr 11, 2022
T
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by tony0806: 11:49am On Apr 11, 2022
That's right
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by WiszyFraud: 11:49am On Apr 11, 2022
Did you know??



Once people realize they can’t manipulate you, they start to dislike you. .



lipsrsealed

257 Likes 25 Shares

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by SarkinYarki: 11:49am On Apr 11, 2022
Game on

1 Like

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by LongwayGone2021: 11:49am On Apr 11, 2022
Okay
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by GboyegaD(m): 11:49am On Apr 11, 2022
I hope their fees would be reasonable.
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by FalseProphet1(m): 11:49am On Apr 11, 2022
MTN Bank hmmm...

I see them becoming worse than access bank, I see them debiting customers for checking their account balance, I see them debiting customers for checking their MTN call balance, I see them debiting customers for accessing the internet.

I see them debiting those who borrowed money with their MTN lines and threw the lines away thinking they're smart, and those owing them various amount of credit. I see them debiting customers for making international calls and sending international text messages.

I see customers complaining bitterly, I see them leaving the bank.

This I have seen.

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Sirchef: 11:49am On Apr 11, 2022
Mumu bank

3 Likes

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Synord(m): 11:49am On Apr 11, 2022
Wow

1 Like 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by OakConsultNG: 11:50am On Apr 11, 2022
Good news..

2 Likes

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Samogbo1(m): 11:50am On Apr 11, 2022
Momo agent replica
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by princeogbeide1(m): 11:50am On Apr 11, 2022
Mtn colour fine sha.. yellow is a bright colour

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Mindlog: 11:50am On Apr 11, 2022
Good development.

1 Like

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by deepdeep(m): 11:50am On Apr 11, 2022
More money

9 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by KillerCrocodile: 11:50am On Apr 11, 2022
At least we can still get positive news coming out of Nigeria...

Good development...

timefarm:
MTN is about to start making absurd revenue from this service they want to be rendering.

Their charges will be off the chart and their money no go dey last for your account cheesy cheesy.

The charges per transaction will be regulated by CBN to ensure that it is reasonable.

And your money in your mobile wallet will attract interest every quarter.

That is what they are doing in Ghana...

9 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by JavaScript90: 11:50am On Apr 11, 2022
More money for the xenophobic south African conglomerate, more job opportunities for tech guys like us, more job opportunities for the Nigerian youths.

Importing their Network infastructure into the banking system will lead to lots of innovation and make transactions easier to carry out. This is good news for Nigeria

3 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by alabi484(m): 11:50am On Apr 11, 2022
MTN POS loading

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Kingpele(m): 11:50am On Apr 11, 2022
Hmmmmm I love it when I see foreigners coming here to do business and grow it to enviable positions, while indigenous people of Nigeria especially the youths are busy cursing their country and an idler.praying to japa to another man's country..impatience, laziness, pride and greed is the problem with many Nigerian youths, u see Togo youths, Ghana youths, benin Republic youths taking over our humble but noble jobs from Abuja to lagos ,while some youths will rather stay at a betting shop till dusk..if M TN didn't see what the japa crew are not seeing, they won't have to expand their business here but would have diminished their investment here

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Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by LagBlogger(m): 11:50am On Apr 11, 2022
MTN will use their leverage to grow MOMO and push the competition out of business.

6 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Emmy3(m): 11:51am On Apr 11, 2022
I hope they get it right just like they're the pace setters in communication.

4 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Rightmania: 11:51am On Apr 11, 2022
This sounds cool but...
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by QuinModah(f): 11:51am On Apr 11, 2022
Finally
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Oxtertee(m): 11:51am On Apr 11, 2022
another avenue to cash out from Nigerians.
Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by nero2face: 11:51am On Apr 11, 2022
Imagine baking with Mtn while ur registered phone number is Glo...ah swear, at the end of the month ur alert charges alone will shock ur village people

10 Likes 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by wolesmile(m): 11:51am On Apr 11, 2022
And now, they want to milk us completely dry...

1 Like

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by bukatyne(f): 11:52am On Apr 11, 2022
Nice one for MTN.

More revenue, more jobs.

6 Likes

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Nobody: 11:52am On Apr 11, 2022
They are really trying..

1 Like 1 Share

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by timefarm(m): 11:53am On Apr 11, 2022
MTN is about to start making absurd revenue from this service they want to be rendering.

Their charges will be off the chart and their money no go dey last for your account cheesy cheesy.

6 Likes 2 Shares

Re: MTN Gets Approval For Momo Bank In Nigeria As It Diversifies Into Banking by Seyiemath(m): 11:53am On Apr 11, 2022
ok

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