MTN looks to get banking license for Nigerian unit

MTN looks to get banking license for Nigerian unit

South Africa’s MTN Group Limited said it is looking at getting a banking license to further cement its operations in Africa’s largest economy.

MTN is Nigeria’s largest mobile carrier.

However, the company has drawn the hire of regulators in Nigeria for various infractions and regulatory offences.

The chief executive officer of MTN in Nigeria, Rob Shuter, said:

“We will be applying for a payment service banking licence in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019.”

MTN already has a mobile banking joint venture with Diamond Bank, a tier 2 lender. Moreover, analysts are of the view that the mobile carrier might want to standalone operate a subsidiary since it has customers it can leverage on.