ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Wednesday, October 8, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Economy And Business

BREAKING: CBN Grants Final Approval For MTN To Start Banking Operations

by NewsOnline Nigeria
April 11, 2022
in Economy And Business, Headline
0
MTN

how to your link nin with your mtn

CBN has granted final approval for MTN to start banking operations as Momo PSB.

 

Newsonline reports that the Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

 

BREAKING: MTN, Airtel, Glo And 9mobile Asked To Unbar Phone Lines Immediately

 

This was disclosed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS” signed by Uro Ukpanah, the Company Secretary.

 

In November 2021 Nigeria’s leading telecommunications companies MTN Nigeria and Airtel Africa received an “Approval in Principle” (AIP)  from the Central Bank of Nigeria to operate as Payment Service Banks.

 

What MTN is saying

The statement by MTN reads, “MTN Nigeria Communications PIc (MN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.”

MTN did not specify when operations would start but stated that, “The date of commencement will be communicated to the CBN in accordance with its requirements.”

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited at this opportunity to support its fulfilment,” it added.

What you should know

  • According to the apex bank guidelines, the key objective of issuing PSB licenses is to boost financial inclusion, especially in rural areas and facilitate transactions.
  • “To enhance financial inclusion in rural areas by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other entities through high-volume low-value transactions in a secured technology-driven environment,” the CBN had stated.
  • PSBs are expected to function in rural regions and in areas where Nigerians do not have bank accounts. They are also expected to have at least 50% physical access points (sometimes known as kiosks) in rural areas.
  • PSBs may also operate ATMs in some of their locations. This enables their customers to withdraw cash. The main similarity between a conventional commercial bank and a PSB is that both are permitted to accept client deposits and to invest a portion of those deposits in short-term CBN or FG products.
  • While, the main distinction is that, whereas deposit money banks (e.g., commercial banks) are permitted to make loans and advances, PSBs are not.
  • Furthermore, PSBs can transfer some of their excess cash to any deposit money bank of their choosing.
ADVERTISEMENT
Previous Post

BREAKING: APC Chairman Shot Dead

Next Post

Primate Ayodele Releases Fresh Prophecies For 13 African Countries

Next Post
Primate Ayodele

Primate Ayodele Releases Fresh Prophecies For 13 African Countries

Trending Stories

No Content Available

Latest Stories

Minister Geoffrey Nnaji

BREAKING: Minister Geoffrey Nnaji Resigns Amid Certificate Forgery Controversy

INEC Chairman Mahmood Yakubu

BREAKING: INEC Chairman Mahmood Yakubu Resigns After 10 Years in Office

President Trump

President Trump to Host Historic UFC Event at the White House on His 80th Birthday

Wike

Wike Confirms Implementing Tinubu’s Vision to Make Abuja Compete with Global Cities

Arewa Consultative Forum southwest chapter's executive committee members

ACF Southwest Chapter Re-Elects Executives for Second Term After Vote of Confidence in Ogbomoso

Cooking Gas Price

BREAKING: Cooking Gas Price Soars To All Time Record High Amid Scarcity

May Edochie Reveals She Met Yul at a GCE Centre

Daddy Freeze Reveals He Married His Ex-Wife Because She Got Pregnant

2025 U-20 World Cup: Sani Says Determination Helped Flying Eagles Secure Draw Against Colombia

Seyi Shay: Wizkid Showed Me How to Navigate the Music Industry

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria