This was revealed in its proposed resolutions for its 2023
Annual General Meeting scheduled to hold in April.
The company said that the proposed merger would “hold the
Payment Service Bank licence granted by the Central Bank of Nigeria and will
also be capable of performing super-agent services and other permissible
activities.”
Momo PSB is the payments unit of MTN Nigeria Communications
Plc, which began operations in 2022 on the same day that rival Airtel Africa
announced a similar move by its fintech arm.
Speaking about Momo PSB, MTN Nigeria’s CEO, Karl Toriola
said that it supports the Federal government’s “drive towards financial
inclusion in Nigeria.
“Not just for those in urban centres and markets, but also
people in rural and remote areas of the country who remain excluded from the
financial system.”
The CBN granted MTN’s Yello Digital Financial Services
Limited a full Super Agent Licence in 2019.
Super agents are businesses licensed by the CBN to recruit
agents to provide financial services to communities on behalf of banks to
increase financial inclusion.
MTN Nigeria added that the proposed merger will bring
enhanced value for the Company and its shareholders.
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