MTN Nigeria Receives Financial Services Licence to Pursue Fintech Ambition

MTN Nigeria Receives Financial Services Licence to Pursue Fintech Ambition Image Credit: NinaMalyna/Bigstockphoto.com

MTN Nigeria, the largest mobile operator in the country recently announced that its subsidiary, Yello Digital Financial Services (YDFS) has been granted a full Super Agent Licence by the Central Bank of Nigeria.

The Super Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN to convert their existing airtime agents and recruit other small businesses to distribute financial services.

YDFS received approval in principle for its Super-Agent Licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence. The successful pilot has now led to the granting of a full licence under which YDFS will distribute financial services to all Nigerians.

MTN Nigeria grew its subscribers figure by 2.1 million to 60.3 million in the first quarter this year.

Ferdi Moolman, CEO, MTN
We have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly.

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