CBN licence MTN to broaden financial services across the country

The Apex bank of Nigeria, the Central Bank of Nigeria has licensed MTN Nigeria with the “full super agent” licence. The license was got through a network setup by MTN’s Yello Digital Financial Services Limited (YDFS) which enables the telecommunication giant to broaden availability of financial services for the under-served across the country, Reuter reported.

This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives,” said MTN Nigeria CEO. Besides, MTN Nigeria has applied for Payment Service Bank License as it works to close the loop

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Recall that the telecommunication giant is at the edge of getting the Payment service Bank Licence, it hopes that the present approval is a pointer to getting the biggest licence.

A subsidiary of MTN Nigeria has been awarded a license by the country’s central bank that would allow it to provide financial services, the telecoms firm said on Monday. Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to so-called mobile money services, a policy that has been successful in Kenya.

I think I can sense the biggest fintech disruption in the closest future of Nigeria. If MTN Nigeria can get the Payment Service Bank Licence, the competition will be on the rise. Banks will run for their lives by coming up with disruptive innovations to stay in business.

I can also sense that other telecom operators in the company will join the loop to disrupt the market further.