Nigeria’s telecommunications firm, MTN has received final approval from Nigerian regulators to run a payment service bank.

MTN, in a statement signed by the company’s secretary, Uro Ukpanah on Monday, revealed that the Central Bank of Nigeria (CBN) granted the company its final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements”, the statement said.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited at this opportunity to support its fulfillment,” it added.

According to CBN’s guidelines, the key objective of issuing PSB licenses is to boost financial inclusion, especially in rural areas and facilitate transactions.

Thelagostimes recalls that in December, MTN and Mafab won the bid for 5G spectrum licence auctioned by the Nigerian Communications Commission.