MTN gets final approval for MoMo Bank | Dailytrust

MTN gets final approval for MoMo Bank

Telecom giant, MTN Nigeria has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.

The approval gives the firm the leave to operate virtually all the services offered by conventional commercial banks except granting credit and processing foreign exchange transactions.

Rapist weeps as court sentences him to death

Implications of Russian military activities in the Black Sea

“The date of commencement will be communicated to the Central Bank of Nigeria (CBN) in accordance with its requirements,” MTN said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

The Telco giant is expected to leveraging on its size, with a subscribers base of over 70 million spread across Nigeria, analyst say the firm is well positioned to cover everywhere.”

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410