Telecommunication companies MTN and Airtel have been granted Payment Service Bank (PSB) licenses by the Central Bank of Nigeria (CBN).
MTN, Airtel, have been granted banking licenses
The move is aimed at deepening financial inclusion in Nigeria.
The Central Bank of Nigeria Governor Godwin Emefiele (News360)
Recommended articles
![Dangote Refinery has a 650,000 barrels refining capacity [BI]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Dangote Refinery has a 650,000 barrels refining capacity [BI]")
This essentially means Nigeria's foremost telcos, who have dominated the mobile telephony market in Africa's most populous country since the early 2000s, could now give traditional banks in the country a run for their money.
"I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating license and commence operations," says Segun Ogunsanya, CEO of Airtel Africa.
Mtn and Airtel statements on joining the banking sector
Mtn and Airtel statements on joining the banking sector
Pulse Nigeria
ADVERTISEMENT
Mtn and Airtel statements on joining the banking sector
Mtn and Airtel statements on joining the banking sector
Pulse Nigeria
Financial analysts say the PSB licenses could deepen financial inclusion and revolutionize the mobile money market in Africa's largest economy.
MTN and Airtel have more than 70 million subscribers between them.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Dangote Refinery is bigger than these top 10 European refineries
How to Market Your Business Online in Nigeria: A guide for entrepreneurs
China dethrones USA as the most influential global power in Africa: Report
ByteDance prefers to shut down TikTok in US instead of selling it to American buyer
Veritasi Homes PLC paves way for fractional ownership with Assetize
MTN Nigeria introduces meetings+ video conferencing platform for SMEs
FG reclaims ₦57 billion out of ₦5.2 trillion liabilities owed by govt agencies
Music Business Academy for Africa wraps up successful 2023/2024 programme
Medic West Africa: Fostering collaboration, innovation for better healthcare
ADVERTISEMENT
