The Central Bank of Nigeria (CBN) has granted final approval for MTN’s MoMo Payment Service Bank (MoMo PSB) to start operating.

MTN Nigeria received a letter dated 8 April 2022 from the CBN, addressed to MoMo PSB, conveying approval for it to commence operations. This follows the approval in principle for MoMo PSB sent on 4 November 2021.

The commencement date will be communicated to the CBN in accordance with its requirements.

MTN group president and CEO Ralph Mupita comments: “We are grateful to the CBN for granting the final approval to commence the operations of MoMo PSB, which is an important milestone for our Ambition 2025 strategy.

“We are excited about the opportunity for MTN Nigeria to support the CBN and the Federal Republic of Nigeria in fulfilling the agenda of driving financial inclusion in Nigeria.”