MTN Nigeria said in a regulatory filing on Monday that it has gained final approval from Nigerian regulators to operate a payment service bank.
The approval allows the company to provide practically all the services that traditional commercial banks provide, except for credit and foreign currency operations.
“The date of commencement will be communicated to the Central Bank of Nigeria (CBN) in accordance with its requirements,” MTN said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.
The Telco giant is expected to leverage on its size, with a subscriber base of over 70 million spread across Nigeria, analyst say the firm is well positioned to cover everywhere.”
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