MTN's Mobile Money (MoMo) receives banking license in Nigeria

Tuesday 12 April 2022 15:14 CET | News

The Central Bank of Nigeria has approved the license for MTN’s Mobile Money (MoMo) payment service bank in the country, extending its services to wider banking operations.

The new banking license granted to MTN should allow the company to explore additional growth opportunities presented by the country’s unbanked and underserviced population. 

Mobile money represents an electronic service that enables users to send and receive money instantly, make payments, and handle additional transactions using their mobile phones. The system is already popular in a series of African markets where MTN operates, including Cameroon, Democratic Republic of Congo, Ghana, and Zambia. 

Since its launch in August 2019, MTN Nigeria’s mobile money service has attracted around 9.4 million users, proving the population’s willingness to switch to a digital economy and accept mobile payments as a popular alternative payment method across the country.

By receiving a banking license, MTN is stepping forward into driving digital and financial inclusion in Nigeria, helping millions of users to open a bank account and gain financial independence and security.

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Keywords: mobile payments, mobile money, digital banking, financial inclusion, digitalisation
Categories: Payments & Commerce
Companies: Central Bank of Nigeria, MTN
Countries: Nigeria
This article is part of category

Payments & Commerce

Central Bank of Nigeria



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