The Central Bank of Nigeria (CBN) has granted final approval for Momo payment service bank limited to commence operations.
MTN Nigeria Communications plc (MTNN) yesterday announced the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.
It would be recalled the company as a promoter got Approval in Principle (AIP) from the CBN for a licence application for the proposed Momo Payment Service Bank Limited (momo psb) on November 4th 2021.
This MTNN said was the first step in the process of a final approval, subject to the fulfillment of certain conditions as stipulated by the CBN. The decision to issue a final approval according to MTNN, is firmly within the regulatory purview of the apex regulator of banks, as such they said they respect their right and judgment in that regard.
The company said the date of commencement will be communicated to the CBN in accordance with its requirements.
MTN Nigeria affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and is excited at this opportunity to support its fulfilment.
