Nigeria's central bank awards financial services licence to MTN subsidiary [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
Nigeria's central bank awards financial services licence to MTN subsidiary - Reuters 2 Min Read JOHANNESBURG, July 29 (Reuters) - A subsidiary of MTN Nigeria has been awarded a licence by the country’s central bank that would allow it to provide financial services, the telecoms firm said on Monday. Nigeria announced last year that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to so-called mobile money services, a policy that has been successful in Kenya. South Africa’s MTN Group, which owns a majority stake in MTN Nigeria, said at the time it would apply for a mobile banking licence in Nigeria and planned to launch the service in 2019. Since then, MTN Nigeria listed in Lagos in May in a 2 trillion naira ($6.54 billion) debut that turned it into the exchange’s second-largest stock by market value. MTN Nigeria’s CEO Ferdi Moolman said on Monday its Yello Digital Financial Services Limited (YDFS) unit had b
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