Airtel, MTN get approval to offer banking service in Nigeria
The Central Bank of Nigeria (CBN) has approved in principle for Airtel Nigeria and MTN to operate a service bank business in the country.
Page3news.com.ng reports this is contained in separate statements released by the telecom giants on Friday.
According to the statements, this is the first step in the process towards a final approval. Final approval is subject to the telecom giants satisfying certain standard conditions within the next six months.
Reports have it that Airtel got approval for its Smartcash payment service and MTN got approval for its MoMo payment service.
The payment services allow cash transfers for people who do not have bank accounts and ATM cards.