Airtel is banking on its 40 million subscribers to operate the largest and secure mobile money platform in Nigeria

Airtel says it is banking on it over 40 million customers and its retail footprint across major regions in Nigeria to drive financial inclusion.

Segun Ogunsanya, Airtel MD

The telco, in a statement released on Wednesday, December 5, 2018, said it will apply for the Payment Service Bank licence through a subsidiary as directed in the Central Bank of Nigeria’s guidelines, adding that it had a vision of becoming the largest and most secure PSB in Nigeria.

Segun Ogunsanya, managing director, Airtel Nigeria, said Nigeria's second largest network provider will use the PSB facilities to promote financial inclusion as well as enhance access to financial services to the rural poor, low-income earners and financially excluded of the society.

“We welcome the development and we express profound appreciation to the CBN for its commitment to driving financial inclusion through technology,” Ogunsanya said.

Airtel says it is banking on it over 40 million customers and its retail footprint across major regions in Nigeria to drive the financial inclusion.

MTN and Glo are also eyeing licences

Last month, MTN Group Ltd said it will pick up an application to become a payment service bank and enter the financial service sector with mobile money in December.

In October 2018, the Central Bank of Nigeria released draft guidelines for licencing and regulations of payment service banks (PSBs) in the country.

According to the apex bank, the PSBs will facilitate transactions in remittance services, micro-savings and withdrawal services in a technology-driven environment to further deepen financial inclusion and onboard 80% of bankable adults by 2020.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

'Funke and my dad cheated on each other' - Funke Akindele's stepson continues to drag her on Instagram

'Funke and my dad cheated on each other' - Funke Akindele's stepson continues to drag her on Instagram

Here are the top 10 African countries that smoke the most cannabis

Here are the top 10 African countries that smoke the most cannabis

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Blossom Chukwujekwu's ex-wife Maureen Esisi reacts as he remarries

Blossom Chukwujekwu's ex-wife Maureen Esisi reacts as he remarries

Quiz: Only genuine Nollywood fans will score 8/8 on this Blood Sisters quiz

Quiz: Only genuine Nollywood fans will score 8/8 on this "Blood Sisters" quiz

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Lagos NURTW Caretaker Chairman accuses MC Oluomo of snatching his wife

Lagos NURTW Caretaker Chairman accuses MC Oluomo of snatching his wife