This is a big deal in Nigeria’s financial sector – MTN Nigeria receives Central Bank of Nigeria’s “full super agent” licence, Reuters reports: “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,” said MTN Nigeria CEO. Besides, MTN Nigeria has applied for Payment Service Bank Licence as it works to close the loop.
A subsidiary of MTN Nigeria has been awarded a license 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.
This is my prediction – the disparate agency system we have seen in Nigeria from banks, fintechs and more will now begin to consolidate. Because Yellow is in, there is a new basis of competition in town. It will be good because Nigerian customers will just win through better financial services.
This morning I wrote a lead Note to a Board where I noted, “This firm must be a technology company that offers insurance services, and not an insurance company that uses technology”. That redesign is important in the banking and broader financial services.