Firms adopt MoMo, SmartCash as nomenclatureFollowing the final approval for a Payment Service Bank (PSB) licence granted by the Central Bank of Nigeria (CBN), MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally commenced operations yesterday, the firm has disclosed. Airtel Africa secured a full Payment Service Bank licence from the Central Bank of Nigeria (CBN) through its subsidiary in April, having received an in-principle approval in 2021. CEO of MTN Nigeria, Karl Toriola, said: “We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process. This is an important milestone for MTN Nigeria in our mission to support the delivery of financial services to everyone in Nigeria. Airtel Africa CEO, Segun Ogunsanya, pledged to revolutionise financial services in Nigeria and drive inclusion.

Source: The Guardian May 20, 2022 17:16 UTC