\tNigeria\u2019s central bank granted an MTN subsidiary a licence to distribute financial services through its existing agents, as the operator awaits a green light to launch its own Payment Service Bank in the country.<\/p>\n
In a statement, MTN Nigeria said subsidiary Yello Digital Financial Services had been granted a full Super Agent Licence by the Central Bank of Nigeria, having operated a related pilot project for eight months.<\/p>\n
The permit allows the company to extend the scope of existing retailers to include financial services and recruit new agents to sell both banking and communications products.<\/p>\n
MTN has seperately also applied for a Payment Service Bank licence [1], which will allow the company to offer limited financial services in its own right.<\/p>\n
Ferdi Moolman, MTN Nigeria CEO, said the Super Agent Licence \u201cforms part of our commitment to contribute towards the achievement of Nigeria\u2019s financial inclusion goals.\u201d<\/p>\n
\u201cThis marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives,\u201d he added. \u201cWe have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly.\u201d<\/p>\n
To gain a Payment Service Bank licence, operators or any other parties applying must act through a subsidiary separate from other business lines, and meet a number of conditions around financing and corporate disclosures.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/money\/news-money\/mtn-nigerian-payments-launch-cleared\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s central bank granted an MTN subsidiary a licence to distribute financial services through its …<\/p>\n
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