MTN Receives Final Approval To Start Banking Operations As Momo PSB

Leading telecommunications company MTN Nigeria has revealed the receipt of the approval from the Central Bank of Nigeria (CBN) addressed to Momo PSB conveying final approval to commence operations.

CBN granted MTN Nigeria the final approval to operate as Momo Payment Service Bank Limited (Momo PSB) in a letter dated April 8, 2022.

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.

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 a Payment Service Bank in November 2021

MTN did not specify when operations would start but stated that “The date of commencement will be communicated to the CBN by 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 fulfillment,” it added.

Also, MTN Nigeria announced that the Annual General Meeting (AGM) of MTN Nigeria Communications Plc (The Company) is scheduled to hold on April 28, 2022, at 11:00 a.m at Rooftop Event Hall, MTN Plaza, Falomo, Ikoyi, Lagos.

MTN said the Annual General Meeting will be streamed live to enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.

The link for the AGM live stream would be made available on the Company website.