Telecommunication companies Airtel and MTN have been granted licenses to operate payment service banks by the Central Bank of Nigeria (CBN).
The two telcos with more than 70 million subscribers could now give traditional banks in the country a run for their money.
"I am very pleased that Smartcash has been granted approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating license and commence operations," says Segun Ogunsanya, CEO of Airtel Africa.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.