MTN Nigeria Secures Licence to Offer Financial Services

• MTN Nigeria Secures Licence to Offer Financial Services

MTN Nigeria through its subsidiary Yello Digital Financial Services Limited (YDFS) has secured a licence to offer banking services in Nigeria.

The telecom giant, during the presentation of its financial results for the first quarter, said it had secured a Super Agent Licence from the Central Bank of Nigeria (CBN). This, MTN Nigeria said would allow YDFS to leverage on its agent network and work with small businesses across the country to distribute financial services.

The CBN had said it planned to increase the number of eligible adults in the financial system to 100 million in the next five years through its financial inclusion program.

Companies like MTN Nigeria with a broad reach and platform to leverage on are now integrating banking services into their system to enhance revenue growth, increase offerings and break into the financial sector.

Ferdi Moolman, MTN Nigeria CEO, said: “Through the network established by YDFS, MTN is in a position to broaden the availability of financial services for the under-served across the country.

“This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives.”

The newly listed company has now secured CBN approval to offer financial services through its mobile platform, the company said on Monday.