MTN Group CEO, Rob Shuter, speaking at a telecoms conference in Cape Town, South Africa, disclosed that the telecoms company would be acquiring an independent banking license in Nigeria by 2019.
Shuter said the group would put in an application in December and should lunch in the second quarter of 2019.
“We will be applying for a payment service banking licence in Nigeria in the next month or so. And if all goes according to plan, we will also be launching mobile money in Nigeria probably around second quarter of 2019.” Shuter said. The banking service licence is for a payment service bank (PSB), which is an offshoot of the initiative of the CBN to drive financial inclusion in the Nigeria.
Earlier this year, CBN released the guidelines for payment service banks, which included a N2 million non-refundable licence fee and N5 billion capital base. If granted a licence, MTN would launch the service in a country where 115 million Nigerians, or 60 percent of the population do not own a bank account, according to World Bank.