Carl Toriola, CEO of MTN Nigeria.

The Payment Services Bank (PSB) MTN Mobile Money (MoMo) has officially started operations in Nigeria.

The TV company reported on shareholder development, saying the bank’s opening came after a successful pilot project initiated on May 16th.

MTN says this is a key milestone in the implementation of Ambition 2025’s strategic priorities, and the bank is ready to allow millions of Nigerians who do not have banking services and are underserved to access a wide range of financial services products.

In addition, according to the channel, MoMo wallets in the future will allow Nigerians in the diaspora to send money to any phone number in the country, “an important feature given Nigeria’s rating as the destination for the largest inflow of remittances in sub-Saharan Africa.” .

MTN Group first announced its steps in the process of final approval of the license in November, saying it is subject to certain conditions set by the Central Bank of Nigeria (CBN).

With a banking license for payment services MTN Nigeria will offer a wider range of mobile financial services in addition to traditional mobile person-to-person mobile remittances such as lending and bill payment.

The start of banking operations is a positive step in the teletechnology aspiration of the TV company and occurs when the MTN Group is on its way to spin off its lucrative fintech business.

The TV company has identified the second quarter of the 2022 fiscal year as the deadline for the allocation of its financial services division.

Carl Toriola, CEO of MTN Nigeria, says: “We are grateful to CBN for its support and leadership in the process. This is an important milestone for MTN Nigeria in our mission to support the government’s commitment to financial integration in Nigeria. Not just for those in urban centers and in the markets, as well as people in rural and remote areas of the country who remain excluded from the financial system ”.

For MTN Nigeria, MoMo Bank will support its already thriving fintech business, which is fast growing into its most profitable market.

In the current report for the first quarter of 2022, MTN Nigeria’s revenue from fintechs grew by 46.7% due to the growth in the spread of fintech services and the expansion of the user base.

The MoMo MTN agency network continued to expand, with more than 800,000 registered agents and more than 166,000 active agents.

MoMo PSB CEO Usora Usora comments: “Providing easy-to-use, affordable and affordable financial services to all Nigerians is essential to implementing CBN’s financial integration strategy and the Minister of Communications and Digital Economy’s digital integration program.

“We look forward to the opportunity to play our part and look forward to the opportunity to work with relevant agencies in different sectors to jointly create and expand access across the country.”

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