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Nigeria's central bank awards financial services licence to MTN subsidiary

Published 29/07/2019, 18:21
© Reuters. Nigeria's central bank awards financial services licence to MTN subsidiary
MTNJ
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MTNN
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JOHANNESBURG, July 29 (Reuters) - A subsidiary of MTN
Nigeria MTNN.LG has been awarded a licence by the country's
central bank that would allow it to provide financial services,
the telecoms firm said on Monday.
Nigeria announced last year that it would allow telecom
companies to provide banking services, aiming to give millions
of Nigerians without bank accounts access to so-called mobile
money services, a policy that has been successful in Kenya.
South Africa's MTN Group MTNJ.J , which owns a majority
stake in MTN Nigeria, said at the time it would apply for a
mobile banking licence in Nigeria and planned to launch the
service in 2019. Since then, MTN Nigeria listed in Lagos in May
in a 2 trillion naira ($6.54 billion) debut that turned it into
the exchange's second-largest stock by market value.
MTN Nigeria's CEO Ferdi Moolman said on Monday its Yello
Digital Financial Services Limited (YDFS) unit had been granted
a "full super agent" licence by the Central Bank of Nigeria.
"Through the network established by YDFS, MTN is in a
position to broaden the availability of financial services for
the under-served across the country. This marks a very important
first step in leveraging our infrastructure to scale our Fintech
initiatives," said Moolman.
"We have also applied for a Payment Service Bank Licence,
which will enable us in time to offer a broader and deeper range
of financial services to those communities and we remain hopeful
we will receive approval shortly," he said. He did not give
specifics.
MTN runs Nigeria's biggest mobile phone network serving
around 56 million people.

($1 = 305.9000 naira)

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