Africa’s largest mobile network operator, MTN, has secured approval from the Central Bank of Nigeria (CBN) to operate a commercial bank in the country. The new company named MoMo Payment Service Bank Limited will offer all banking services except credit and foreign exchange processing.
“We want to take advantage of the momentum of financial inclusion. We plan to give people who do not have a bank account or even an ATM card the opportunity to be able to avail banking services,” MTN Nigeria Managing Director Karl Toriola said.
“The start date will be communicated to the Central Bank of Nigeria (CBN) as per its requirements,” MTN said.
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MTN’s wide reach enables them to reach Nigerians in rural and urban areas who lack access to banking services.
“We rely on our size. When we have over 70 million subscribers spread across Nigeria through our infrastructural deployment, we are well positioned to cover everywhere. This is exactly what we want to achieve.
Customers spent more on data subscriptions in the company’s 2021 financial report, which increased revenue by 55.31% while voice calling revenue increased by 6.96%.
The Company has three business segments: Customer business unit, Enterprise business unit and Wholesale business unit are