Onwards and upwards for MTN

The Central Bank of Nigeria has approved the licence for MTN's Mobile Money (MoMo) Payment Service Bank in the country, extending its services to wider banking operations. Fin24 reports that mobile money is a growing contributor to MTN Nigeria's income, and the new banking licence will allow the company to explore growth opportunities presented by the country's unbanked population. MTN Group CEO Ralph Mupita said granting the final approval was an ‘important milestone’ for the company's Ambition 2025 strategy unveiled a year ago. Nigeria, the continent's populous nation, is MTN's largest market. Mobile money is an electronic service that enables users to send and receive money, make payments and perform other transactions using their mobile phones. The system is used across a number of MTN's African markets, including Zambia, Ghana, Cameroon and the DRC.

Full Fin24 report