{"id":175592,"date":"2022-04-11T11:47:37","date_gmt":"2022-04-11T10:47:37","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=175592"},"modified":"2022-04-11T11:47:37","modified_gmt":"2022-04-11T10:47:37","slug":"mtn-nigeria-ventures-into-banking-gets-final-approval-for-momo-bank","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/11\/mtn-nigeria-ventures-into-banking-gets-final-approval-for-momo-bank\/","title":{"rendered":"MTN Nigeria ventures into banking, gets final approval for MoMo Bank"},"content":{"rendered":"<p>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.<\/p>\n<p>\u201cThe date of commencement will be communicated to the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/09\/cbn-to-begin-payment-of-n65-fx-rebate-to-exporters\/\" target=\"_blank\" rel=\"noopener\">CBN<\/a> (Central Bank of Nigeria) in accordance with its requirements,\u201d the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.<\/p>\n<p>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.<\/p>\n<p>\u201cWe want to leverage the financial inclusion drive. We plan to give people who don\u2019t have bank accounts or even ATM cards the opportunity to be able to do banking services,\u201d a senior official of the telco disclosed.<\/p>\n<p>\u201cAnd 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\u2019s exactly what we want to achieve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. \u201cThe date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,\u201d the telco heavyweight said of the bank to be known [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":175610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[16144,658,35011,10061],"class_list":["post-175592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banking","tag-cbn","tag-momo","tag-mtn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MTN Nigeria ventures into banking, gets final approval for MoMo Bank<\/title>\n<meta name=\"description\" content=\"Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a 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