HomeTechnology PoliciesCBN Grants Approval to MTN, Airtel to Operate PSB Services Innovations CBN Grants Approval to MTN, Airtel to Operate PSB Services The Central Bank of Nigeria (CBN) has granted approval for Payment Service Bank (PSB) licenses to leading telecommunication companies, MTN Nigeria and Airtel Africa.The was made known through the respective memos released by the two telecom giants on Friday.PSB is designed to allow low income earners and those without bank accounts to have access to financial services through digital means.While Airtel would explore its Smartcash Payment Service Bank Limited, MTN will will operate PSB via MoMo Payment Service Bank Limited. “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating license and commence operations,” says Segun Ogunsanya, CEO of Airtel Africa. “The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services. I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy,” Ogunsanya added. On his part, the company secretary at MTN Nigeria, Uto Ukpanah, said MTN Nigeria remained optimistic that it would eventually get the PSB licence.“This is the first step in a long process that would lead to eventual approval. In other words, MTN Nigeria would be required to fulfil a number of conditions, even as ‘the decision to issue a final approval is firmly within the regulatory purview of the CBN’,” the statement reads.“MTN Nigeria expressed optimism that it would eventually get the PSB license, and reaffirmed its commitment to the financial inclusion agenda of the CBN in Nigeria.”Upon getting the licences, the telcos will apparently keep the traditional banks at edge by making the sector more competitive.Meanwhile, financial experts have said the move would deepen financial inclusion in Nigeria. Support PisonTechAfrica.com For inspiring tech content and articles, PisonTechAfrica.com is the platform to go. Great content takes a lot of resources; we are poised to motivate young start-ups and give them leverage with our platform. It is a platform for inspiring tech entrepreneurs to display their talents. Africa is the next big thing for technology. PisonTechAfrica.com is the tech media platform committed to positioning Africa in the Fourth Industrial Revolution. Donate Dayo Oyewo Share This Previous ArticlePayHippo Raises $3Million to Help SMEs Succeed in the Nigerian Economy Next ArticleKongaPay Dominates Online Payment Service market in Nigeria November 5, 2021
