ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, May 19, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
MTN Nigeria office

MTN Nigeria office

UPDATED: MTN Nigeria diversifies into banking, gets final approval for MoMo Bank

The approval gives the firm the leave to operate virtually all the services offered by conventional commercial banks except granting credit and processing foreign exchange transactions.

byRonald Adamolekun
April 11, 2022
2 min read

Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.

Karl Toriola, CEO MTN Nigeria

“We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM time on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.

“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well positioned to cover everywhere. That’s exactly what we want to achieve.”

MTN Nigeria and Airtel Africa, which got preliminary approvals last November to operate in the same space, will be looking to tap Nigeria’s unbanked adult population of 38 million people, who according to Abuja-based media research house and data analytics firm, held N26.2 trillion last year alone, a move that will pit both telcos against traditional banks in getting a slice of the market.

Shares in the telco were up by 0.34 per cent at 12.19 WAT on Lagos Customs Street on Monday, trading at N206 per unit.

The broad scale of MTN’s broadband penetration gives the two an open reach to rural Nigerians and urban places without access to banking services by way of connectivity, a luxury conventional banks cannot afford.

The ubiquity of coverage of the telcos mean banking will no longer be the preserve of commercial lenders, a development that could position the latter to take a big bite at the e-business earnings of conventional lenders at a time most banks are struggling to sustain profit growth.

For 2021, GTCO, Nigeria’s second biggest lender by market value, saw its profit hit a four-year low, while rival UBA managed to scrape a 4.3 per cent growth and Zenith 6.1 per cent.

1X Bet AD

In December, MTN and Mafab won the bid for 5G spectrum licence auctioned by the Nigerian Communications Commission.

MTN Nigeria, which provides one-third of the MTN Group’s sales, saw revenue climb to record N1.7 trillion last year, with profit leaping 45.5 per cent to N298.9 billion.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes





PT Mag Campaign AD

Previous Post

Nigerian governor rates Turkish construction firm among world’s best

Next Post

What NHRC will get if Buhari signs new bill – Official

Ronald Adamolekun

Ronald Adamolekun

More News

MTN Nigeria

MTN Nigeria’s payment service bank subsidiary MoMo PSB starts operation

May 19, 2022
President Muhammadu Buhari [PHOTO CREDIT: @Buharisallau1]

JUST IN: Buhari signs health insurance bill into law

May 19, 2022
Rotimi Amaechi and Abdullahi Ganduje

2023 Presidency: Amaechi was persecuted for asking us to join APC – Ganduje

May 19, 2022
President Muhammadu Buhari on a plane

Buhari departs for UAE on condolence, to meet new President

May 19, 2022
Airtel office

Airtel launches Nigeria payment service bank unit SmartCash PSB

May 19, 2022
Troops on day 1&2 of Ex FLINTLOCK. USArmy Counter Terrorism exercise with Nigerian Navy SBS and 707 SF Bde are working as a Special Operations Task Unit alongside #Senegal, Morocco, Burkino Faso and Cameroon #USAfricaCommand #Flintlock20. [PHOTO CREDIT: Official Twitter account of UK in Nigeria]

Troops kill notorious kingpin, arrest suspects, rescue victims in Akwa Ibom

May 19, 2022
Next Post
NHRC's Executive Secretary, Tony Ojukwu...panel's on break.

What NHRC will get if Buhari signs new bill - Official

Nigerian Police on patrol

Police speak on alleged extrajudicial killing in Osun

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,841,302 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.