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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