MTN Nigeria Receives Mobile Money Licence

23 August 2019

Money Transfer

MTN Nigeria Communications PLC has been granted the authorisation to offer mobile money services by the country's central bank in Abuja.

Nigeria revealed last year that it would allow telecom operators to offer banking services, which would give Nigerians without bank accounts access to convenient mobile money services – which have been a huge success all across the African continent.

South Africa's MTN Group, which holds a majority stake in MTN Nigeria, had said that it would be applying for a mobile banking license in Nigeria and hoped to roll the service out in 2019.

MTN Nigeria's CEO Ferdi Moolman confirmed on Monday that the Central Bank of Nigeria had given the company's Yello Digital Financial Services Limited (YDFS) unit a "full super-agent" license.

Moolman said that through the network established by YDFS, MTN is now in a position to widen the availability of mobile financial services for the underserved people across the country. He added that this authorisation marked a significant first step in leveraging MTN's infrastructure to scale its fintech initiatives. The CEO noted that MTN had also applied for a Payment Service Bank License, which would enable the telco to offer a more in-depth and broader range of financial services to untapped communities and was looking forward to receiving approval soon

MTN is Nigeria's leading mobile phone network, serving over 56 million people.

Source: African business Week