News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Facebook Twitter Instagram YouTube
    • Politics
    • Business
    • Sports
    • Features
    • Shows
    • Op-Ed
    • Watch Live
    Facebook Twitter Instagram YouTube
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Watch Live Tv
    OUR TV SHOWS
    • BREAKFAST CENTRAL
    • VILLAGE SQUARE AFRICA
    • BUSINESS EDGE
    • SECURE THE CONTINENT
    • ONE SLOT
    • POLITICS HQ
    • REPORT DESK AFRICA
    • E CENTRAL
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    You are at:Home»Business News»Nigeria grants MTN Licence For Mobile Money Banking Service
    Business News

    Nigeria grants MTN Licence For Mobile Money Banking Service

    Kehinde GiwaBy Kehinde GiwaApril 12, 202202 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Nigeria grants MTN Licence For Mobile Money Banking Service (News Central TV)
    Share
    Facebook Twitter LinkedIn Pinterest Email

    MTN‘s Mobile Money (MoMo) Payment Service Bank has been granted a licence by the Central Bank of Nigeria, allowing it to expand its services to include banking activities.

    MTN Nigeria’s revenue is increasing as a result of mobile money, and the new banking licence would allow the company to capitalise on the country’s unbanked population.

    The final approval to start operations of MoMo bank, according to MTN Group CEO Ralph Mupita, is an “essential milestone” for the company’s Ambition 2025 goal, which was launched a year ago. MTN’s largest market is Nigeria, the continent’s most populous country.

    Mobile money is an electronic service that allows users to send and receive money, make payments, and conduct other transactions using their smartphones.

    Zambia, Ghana, Cameroon, and the Democratic Republic of Congo are among MTN’s African markets that use the system.

    MTN Nigeria’s mobile money service had garnered 9.4 million active users since its inception in August 2019, according to the business, which said the rise offered a “strong basis” for the bank’s future setup.

    The bank would “offer a formidable platform to foster digital and financial inclusion in Nigeria,” according to the corporation.

    In the full fiscal year of 2021, the number of transactions processed through the service increased by 167 percent to 137.5 million.

    To diversify their income, mobile communication firms are going into various fintech-based services, with banking services being a prominent area of growth.

    According to apex bank criteria, the major purpose of granting Payment Service Bank (PBS) licences is to expand financial inclusion, particularly in rural areas, and to make transactions easier.

    PSBs would operate in rural areas and areas where Nigerians do not have access to banking services.

    They are also required to provide at least 50% physical points of access in rural areas.

    PSBs may have ATMs in multiple of their sites. As a result, customers will be able to withdraw cash. A PSB and a typical commercial bank both have the power to accept customer deposits and invest a portion of those funds in CBN or FG assets for a short period of time.

    Commercial banks, on the other hand, are permitted to give credit, whereas PSBs are not. They can also transfer some of their surplus funds to any commercial bank.

    licence Momo MTN Nigeria
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleIvory Coast National Team Part Ways With Coach Patrice Beaumelle
    Next Article Ethiopia Lifts Ban on Boeing 737 Max After 2019 Crash
    Kehinde Giwa

    Related Posts

    Tinubu Honours Buhari for Declaring June 12 Democracy Day

    June 12, 2025

    Nigeria Confirms $5 Billion Aramco Oil Loan Talks Ongoing

    June 11, 2025

    President Tinubu Says APC Doors Open to Wike

    June 11, 2025
    Add A Comment

    Leave A Reply Cancel Reply

    Latest Stories Today

    Sole Survivor in India Plane Crash That Killed 241

    By Temitope OkeJune 12, 2025

    A passenger aircraft heading to London crashed in a residential neighbourhood of Ahmedabad, India, on…

    Tinubu Honours Buhari for Declaring June 12 Democracy Day

    Davido Helped Secure My Sony Deal – Mayorkun

    Ohanaeze Demands Justice for Killed Igbo Trader

    • Facebook
    • Twitter
    • Instagram
    • YouTube
    © 2025 Newscentral Television All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.