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Airtel, MTN get approval to offer banking service in Nigeria

Page3News by Page3News
November 5, 2021
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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.

Tags: Airtel NigeriaCentral Bank of Nigeria (CBN)MoMoMTNSmartcash
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