Business
CBN Approves MTNN Super-agent Licence
- CBN Approves MTNN Super-agent Licence
The Central Bank of Nigeria (CBN) has approved MTN Nigeria’s application for a super-agent licence, the telecommunication giant said on Friday.
MTNN applied through its subsidiary, Y’ello Digital Financial Services Limited, and the licence was issued on Thursday, July 25, 2019, according to the company.
Ferdi Moolman, the Chief Executive Officer, MTNN, disclosed this in the company’s 2019 half-year interim financial report released on Friday.
“We are pleased with obtaining a super-agent licence from the Central Bank of Nigeria, which will enable us to build an agent network and accelerate the growth of our fintech business,” Moolman stated.
MTNN, however, said it applied for another Payment Service Banking licence in 2018 and would continue to push for its approval as well.
The company invested N50 million in Y’ello Digital Financial Services Limited in the first half of 2019, with respect to CBN stipulated minimum shareholding.