MTN, GLO AND OTHERS SEEK BANKING LICENCE

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Rob Shuter, Chief Executive Officer of telecommunication giant, MTN groups say they will acquire independent Nigerian banking lincence in 2019.

Shuter made this known during a telecom conference held in Capetown on Monday. He revealed that application for the licence will be submitted by December and by the second quarter of 2019, the group will launch it’s banking services.

“We will be applying for a payment service banking licence in Nigeria in the next month or so,” Shuter said.

“And if all goes according to plan, we will also be launching mobile money in Nigeria probably around Q2 of 2019.”

October, the CBN released guidelines for the payment service banks, which included a N2 million non-refundable licence fee and N5 billion capital base.

The CBN guideline was addressed to telcos, mobile money operators, banking agents, and the NCC.

It is expected that Globacom, 9mobile, Airtel, and other telecommunications companies in the country would acquire the same licence to operate payment service banks (PSB).

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