CBN Greenlights MTN MOMO Payment Service Bank Operations in Nigeria

The Central Bank of Nigeria has granted final approval for MOMO Payment Service Bank limited to commence operations.

MTN referred to its notification that was issued on 5 November 2021 in which they communicated receipt of the approval in principle from the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited (Momo PSB).

MTN Nigeria Communications Plc (MTN Nigeria) announced 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 of this opportunity to support its fulfilment.