Central Bank of Nigeria grants approval for MTN to run the MOMO payment Bank

MTN Nigeria informed the Nigeria Exchange Group today that the Central Bank of Nigeria has given it final approval to operate Momo Payment Service Bank Ltd.

MTN revealed in a corporate declaration submitted by company secretary Uto Ukpanah that the CBN gave final approval in a letter dated April 8, 2022.

“MTN Nigeria Communications Plc (MTN) has received a letter from the Central Bank of Nigeria (CBN) dated 8 April 2022 addressed to Momo PSB, confirming final authorisation to begin operations.”

“In compliance with the CBN’s standards, the date of beginning will be informed to the CBN,” Ukpanah added.
The CBN granted MTN preliminary approval to start the payment service in November 2021.

MTN Momo Pay is already available in a few of African nations.

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