CBN Grants Approval To MTN Mobile Money In Nigeria


The Central Bank of Nigeria has granted final approval to a bank backed by MTN Nigeria Plc to operate mobile money service in the country, the largest mobile network operator says.

MTN Mobile Money

Last year, in a letter dated November 4, 2021, the Central Bank (CBN) granted approval in principle for an application by MTN Nigeria for its planned MoMo Payment Service Bank Limited, “subject to the fulfilment of certain conditions as stipulated by the CBN.”

Uto Ukpanah, MTN Nigeria Company Secretary, says today in a company statement that the mobile operator’s mobile money unit has been granted final approval by the CBN.

“MTN Nigeria Communications Plc (MTN Nigeria) announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations. The date of commencement will be communicated to the CBN in accordance with its requirements”, the MTN Nigeria Company Secretary says.

As the promoter of Momo PSB, the nation’s largest mobile phone company, Ukpanah says “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 fulfillment.”

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