Nigerian regulators have given South African Telecommunication giant MTN the go-ahead to run a conventional commercial bank, the telco said Monday.

MTN, the mobile telecom firm which started operation in Nigeria since 2001, will now be able to offer services offered by commercial banks except granting credit and processing foreign exchange transactions.

“The date of commencement will be communicated to the Central Bank of Nigeria (CBN) in accordance with its requirements,” MTN said.

In a note to the Nigerian Exchange, MTN said the new outfit will be known as MoMo Payment Service Bank Limited.

Karl Toriola, CEO of MTN Nigeria said on April 11, 2022 in Abuja, “We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services.”

Read Article From Source: The East African