Telecommunications giant and Nigeria’s biggest company by revenue, MTN Nigeria, has gotten the final approval from Nigerian regulators to run as a payment service bank that will compete with traditional banks in Nigeria.
This was contained in a regulatory filing to the Nigerian Exchange published by the network provider company on Monday.
According to the publication, the proposed “date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements.”
MTN Nigeria, which is a subsidiary of Johannesburg-headquartered MTN Group Limited, noted that the new ventire will operate under the MoMo Payment Service Bank Limited identity.
The new development comes weeks after MTN Group changed its brand logo in what it said was to accommodate its diversity plans.
Speaking on the development, Karl Toriola, CEO MTN Nigeria, said the company hopes to leverage on its size, adding that it currently has a subscriber base of over 70 million users across the country.
He said: “We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services.”
“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.”
As of March 2022, MTN Nigeria is the country’s biggest company by revenue with revenues of N1.65 trillion for the last review period.