The Central Bank of Nigeria (CBN) has granted approval for the establishment of MTN's Mobile Money (MoMo) Payment Service Bank, MTN Nigeria announced on Monday.
MTN in a statement said it had received a letter from the CBN granting approval to commence operations.
The statement added that the date of commencement will be communicated to the CBN in accordance with requirements.
"We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited (Momo PSB)," the statement said.
"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.
"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 fulfilment".
Mobile money is an electronic service that enables users to send and receive money, make payments and perform other transactions using their mobile phones. The system is used across a number of MTN's African markets, including Zambia, Ghana, Cameroon and the Democratic Republic of Congo.
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