20 May MTN Nigeria’s payment service bank subsidiary MoMo PSB starts operation
The payments unit of MTN Nigeria Communications Plc – MoMo Payment Service Bank (Momo PSB) began commercial operations on Thursday, the telecom said in a statement, the same day rival Airtel Africa announced similar move by its fintech arm SmartCash PSB.
“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria,” said MTN Nigeria’s CEO Karl Toriola.
“Not just for those in urban centres and markets, but also people in rural and remote areas of the country who remain excluded from the financial system,” he added.
The telco’s shares surged 5.64 per cent to N270 per unit on Lagos’ Custom Street on Thursday, its peak level in 52 weeks.
Currently Nigeria’s biggest company by market capitalisation, MTN Nigeria got the final approval to start MoMo PSB in April from the Central Bank of Nigeria (CBN).
The permit allows the payment unit to offer several services provided by commercial banks, the notable exceptions being disallowance from issuing credit and processing foreign exchange deals.
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