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South African Telco, MTN Cleared to Open Commercial Bank in Nigeria

MTN [PHOTO/ COURTESY]

Africa’s largest mobile network operator MTN has obtained approval from the Central Bank of Nigeria (CBN) to run a commercial bank in the country. The new venture named MoMo Payment Service Bank Limited will offer all banking services except credit and processing of foreign exchange transactions.

“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” MTN Nigeria chief executive Karl Toriola said.

“The date of commencement will be communicated to the Central Bank of Nigeria (CBN) in accordance with its requirements,” MTN said.

Read: How Victoria Commercial Bank Aided Money Laundering, Tax Evasion in Mumias Sugar Saga

MTN’s wide reach allows them to reach Nigerians in rural and urban areas who do not have access to banking services.

“We are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”

Customers spent more on data subscriptions in the company’s 2021 financial report, which increased revenue by 55.31 percent while revenue from voice calls increased by 6.96 percent.

The company has three business segments: Customer business unit, Enterprise business unit, and Wholesale business unit are

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Written by Vanessa Murrey

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