MTN Nigeria have announced that they have applied for Mobile Banking License and will be launching it mobile money service soon.
The Chief Executive Officer of the company, Rob Shuter, made this known while addressing a conference in Cape Town, South Africa on Tuesday (13/11/18), Reuters reported.
MTN Nigeria is owned by MTN Group Limited, a South Africa-based multinational mobile telecommunications company. They are operating in many African, European and Asian countries.
The company will launch the mobile money service next year by the second quarter. That is with all things going according to plan.
In Shuter’s own words : “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 Q2 of 2019.”
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Nigeria is ripe for Mobile Money Service
MTN is Nigeria’s biggest mobile phone network serving about 56 million people around the country. This can help many Nigerians that are still without bank accounts.
Recently the playing field has been leveled for all telecommunications company to enter the banking sector by the country’s apex bank.
Central Bank of Nigeria announced that it would allow telecoms companies to provide banking services. This is aiming at giving millions of Nigerians without bank accounts access to mobile money services. This policy has already been very successful in Kenya.
Others interested Mobile Money Service
MTN is not the only mobile network provider trying to a license.
Airtel, a unit of India’s Bharti Airtel, Globacom, Ntel and 9mobile – have also shown interest in the mobile money licences.
With all key players interested, subscribers will be able to choose the service they prefer in terms of service cost.
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Legal Cases of MTN Nigeria
MTN has been in dispute with the authorities after the central bank said it illegally repatriated $8.1bn.
However, it was reported that the apex bank and the MTN were currently in talks to resolve the dispute.
The company was also slapped with a $2bn Nigerian tax bill in August this year by the country’s Attorney General.