The Central Bank of Nigeria (CBN) has granted another approval in principle to Airtel Africa, a leading provider of telecommunications and mobile money services in Nigeria and Africa, just a week after receiving the Payment Service Bank (PSB) licence.
The leading telecommunications company disclosed in a statement seen by Investors King on Monday.
The approval in principle was granted to Airtel Africa’s subsidiary Airtel Mobile Commerce Nigeria Ltd to operate as a super-agent in Nigeria.
This is coming barely a week after Airtel Africa and MTN Nigeria received the same approval to operate Payment Service Bank (PSB) in the country.
Airtel Africa explained the difference in the two licences, it said while the PSB allows the company to provide financial services in Nigeria like existing financial institutions, the super-agent licence would allow Airtel Africa to create an agent network that can service customers of licensed Nigerian banks, payment service banks and licenced mobile money operators in Nigeria.
It said “The super agent licence is distinct from the Payment Service Bank (‘PSB’) licence, for which we received approval in principle on 4 November 2021. The PSB licence is required for Airtel to be able to provide financial services in Nigeria such as accepting cash deposits and carrying out payments and remittances, issuing debit and prepaid cards, operating electronic wallet and rendering other financial services.
“Under the super agent licence we would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.
“Final approval of the super agent licence is subject to the Group satisfying certain standard conditions.”