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Home Business

MTN gets CBN’s nod to commence banking operation

Our Reporters by Our Reporters
April 11, 2022
in Business
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By Ezechukwu Chidozie 


MTN Nigeria Plc is about to break record not just as the latest entrants into the Nigerian banking insustry but the first telecommunications industry to do so, with the Central Bank of Nigeria (CBN) granting Momo PSB, a subsidiary of MTN final approval to commence operation as a Payment Service Bank (PSB).


In a regulatory notice issued on Monday, the telecoms giant said the CBN approval was conveyed in a letter dated April 8, adding that the development was an opportunity to support the government policy of financial inclusion in the country.


“We refer to our notification issued on November 5, 2021, in which we communicated receipt of the approval in principle from the Central Bank of Nigeria (CN) for Momo Payment Service Bank Limited, Momo PSB.


“MTN Nigeria Communications Plc (MTN Nigeria) announces the receipt of a letter dated April 8, 2022, from the CBN  addressed to Momo PSB conveying final approval to commence with its requirements.


“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the federal republic of Nigeria and we are excited at this opportunity to support its fulfilment,” MTN Nigeria stated in the statement.


In August last year, the CBN rolled out an amended guideline for the establishment of Payment Service Banks (PSBs) to provide banking services in the rural areas of the country.


In the guidelines, the CBN stipulates a minimum of N5 billion capital base for the promoters of the PSBs, which are expected to operate in areas that have no access to financial services in the country.


FSBs, the CBN said shall issue debit and pre-paid cards in its name; operate electronic wallets; render financial advisory services; Invest in FGN and CBN securities, and carry out such other activities as may be prescribed by the CBN from time to time.


“Payment Service Banks shall: i. Operate mostly in the rural areas and unbanked locations targeting financially excluded persons, with not less than 25% financial service touchpoints in such rural areas as defined by the CBN from time to time,” the CBN said.
Subsequently, the regulatory bank granted approval in principle to MTN, Airtel and 9mobile to operate Payment Service Banks in the country. 


It was not clear if Glo Mobile or Airtel already applied for PSB licence or they intend to do so in the future.

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Minister Unveils Zamfara Power Policy, Unlocking Solar for 147,000 Homes, Businesses  
Business

Minister Unveils Zamfara Power Policy, Unlocking Solar for 147,000 Homes, Businesses  

by Gloria Akudoro
November 5, 2026
0

By Gloria Akudoro   The Minister of Power, Joseph Tegbe, has launched the Zamfara State Electricity Policy alongside two commissioned solar plants of 2.5MW capacity to boost electricity supply.  Tegbe also broke foundation for 36 solar minigrids across nine local government areas, projects expected to power nearly 147,000 homes and businesses upon completion.   Speaking in Gusau alongside Governor Dauda Lawal, the Managing Director of Rural Electrification Agency, Abba Aliyu, Development Partners, and Traditional and Community Leaders, the Minister credited the initiatives to the Renewed Hope Agenda of President Bola Tinubu.  "The initiatives put the Renewed Hope Agenda into practice by “turning reform and investment into better public services, cleaner transport and more dependable electricity for homes and businesses,” he said.  The commissioned plants are a 1MW mini grid / 2.4MW BESS at the Ahmed Sani Yariman Bakura Specialist Hospital, which will help doctors operate with greater confidence and preserve essential medicines, and a 1.5MW / 3.6MW BESS for the Government House and its auxiliary facilities which will eliminate dependence on diesel based power generation.   Of the mini grids, the interconnected projects in Gusau and Kaura Namoda will improve supply on the existing distribution network, while the other 34 will serve communities beyond the grid’s present reach.  Zamtaxi, also unveiled, opens opportunities for drivers, technicians and young entrepreneurs in cleaner transport.   According to the statement on Wednesday by the Federal Ministry of Power, Tegbe credited President Bola Ahmed Tinubu, whose assent to the Electricity Act 2023 created greater room for states and investors to participate in the sector. He pledged the Ministry’s support “to translate this policy into effective institutions and improved service.”   The Minister, while congratulating Zamfara on 30 years of statehood,  urged host communities to protect the assets as their own and to report vandalism and theft promptly.  He also commended the Executive Governor for driving and sponsoring the two (2) commissioned minigrid projects amongst other solar powered projects in the state, including solar power for 15 general hospitals 800 schools and 70 Primary Health Care facilities.   The Zamfara 36 minigrid projects form part of President Tinubu’s Renewed Hope Agenda drive to bring electricity to all Nigerians. Alongside strengthening the national grid, the Federal Government is expanding solar power and other viable sources, bringing supply closer to demand and reaching communities previously without access.  For Zamfara, that means a more resilient, more diverse electricity system, and dependable power for the homes, hospitals, farms and markets that depend on it. 

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