NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

CBN awards financial services licence to MTN subsidiary

By News Express on 30/07/2019

Gmail icon

Views: 934

A subsidiary of MTN Nigeria has been awarded a licence by the country’s central bank that would allow it to provide financial services, the telecoms firm said on Monday.

Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to so-called mobile money services, a policy that has been successful in Kenya.

South Africa’s MTN Group, which owns a majority stake in MTN Nigeria, said at the time it would apply for a mobile banking licence in Nigeria and planned to launch the service in 2019. Since then, MTN Nigeria listed in Lagos in May in a 2 trillion naira ($6.54 billion) debut that turned it into the exchange’s second-largest stock by market value.

MTN Nigeria’s CEO Ferdi Moolman said on Monday its Yello Digital Financial Services Limited (YDFS) unit had been granted a “full super agent” licence by the Central Bank of Nigeria.

“Through the network established by YDFS, MTN is in a position to broaden the availability of financial services for the under-served across the country. This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives,” said Moolman.

“We have also applied for a Payment Service Bank 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,” he said. He did not give specifics.

MTN runs Nigeria’s biggest mobile phone network serving around 56 million people. (Reuters)


Source News Express

Posted 30/07/2019





You may also like...
Cossy Orjiakor, sex with dog and journalist —...

Cossy Orjiakor on wheelchair after attack by ‘evil’...

Tonto Dike regrets being a woman

Hang out with one of Nigeria’s richest female...

Mercy Johnson and Odi Okojie’s marriage: 8 years...

If dis na luck, I jump and pass...

My failed marriage has left me scared and...

Obi Emelonye’s ‘Heart & Soul’ premieres on Africa...

Se, make I slap am?

Born again Anita Joseph resumes flaunting of body...

KCEE celebrates African women with ‘DohDohDoh’

Veteran actor RMD admonishes actresses: Boobs enlargement can’t...


CBN milk production

CBN banner advert

UBA Wise Savers Promo


ICT Monitor
Latest News Obiano creates Digital Entrepreneur Office in bid to tackle youth unemployment African masts operator Helios Towers begins trading on London Stock Exchange, prices IPO at low end of range A Guide to What’s Happening in the Fintech Revolution Nigeria ready for 5G, says Communication Minister MTN Nigeria’s new Board the best in Africa — Zinox Chairman Apple set to unveil new iPhone Beware! Some mobile phones are hazardous – NCC Huawei to launch new handset without Google Apps Vandalism greatest threat to telecom growth in Nigeria, Says NCC Monarch advocates special funding for ICT education Of telcos, OTTs and cyber-security threat CBN awards financial services licence to MTN subsidiary


Most Read Panic in White House after man sets himself on fire (2,169 views) Huawei: US blacklist will harm billions of consumers (2,110 views) ATCON, ALTON, others call for Executive Order to stem multiple taxes (2,101 views) Vodacom concludes 2019 Annual Inter-School Robotics Training Workshop (2,009 views) NCAA shelves destruction of over 7,000 telecom masts (1,959 views) National Broadband Conference rescheduled (1,901 views) Switch launches App that eliminates transaction fee on transfer (1,849 views) ATCON holds symposium on post-Nigeria National Broadband Plan (1,779 views) Glo signs deal with Nokia Alcatel-Lucent •Bella Disu, Patrick Pouyanné, Aliko Dangote, 147 Global CEOs attend Choose France Summit at Château de Versailles (1,774 views) Adopt technologies in future elections, ATCON urges FG (1,739 views) Google ‘retaliating’ after worker protest (1,724 views) NCC commends Airtel; says broadband penetration now 33% (1,721 views)


Africa Media Agency and Al Jazeera