MTN gets CBN final approval to operate payment service bank

The Central Bank of Nigeria has granted Momo Payment Service Bank Limited final approval to commence operations.

This was revealed in a statement signed by the company’s secretary, Uto Ukpanah, on Monday.

This is coming after the CBN granted the firm approval in principle to operate in November 2021.

The statement read, “We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the CBN for Momo PSB.

“MTN Nigeria Communications Plc 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.”