MTN Nigeria granted a Fintech license

MTN Nigeria has been awarded a licence by Nigeria’s banking regulator to provide financial services, such as mobile money in the country, marking a very important first step in leveraging its infrastructure to scale Fintech initiatives, according to CEO, Ferdi Moolman.

The company, which has over 60 million mobile subscribers, says the license through its Yello Digital Financial Services Limited (YDFS) unit, will broaden the availability of financial services for the under-served across the country.

In addition to being granted a “full super agent” licence by the Central Bank of Nigeria, the company also applied for a Payment Service Bank Licence, which will enable it, if granted, “to offer a broader and deeper range of financial services” to under-served communities.