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.

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“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.”