MTN registers Digital Financial Service to deepen financial inclusion

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By Bukola Olanrewaju

In a bid to  deepen financial inclusion in Nigeria, MTN Nigeria has said it has registered a new digital financial inclusion.

According to the telco, Yello Digital Financial Service Limited aimed to provide mobile financial services to Nigerians is yet to commerce operation.

The creation of a subsidiary is one of the requirements stipulated by the Central Bank of Nigeria for obtaining a Payment Service Bank licence.

The telecom company said it had submitted an application to the CBN for a Payment Service Bank licence.

“We are still expecting the approval from CBN. The PSB is to provide mobile financial services upon incorporation,” MTN said in its 2018 financial report.

Some of the telecom operators are already offering mobile money services in collaboration with Deposit Money Banks but are now seeking to offer financial services independently.

The network operators have promised to deepen financial inclusion in 30 months by collectively reaching 90 million Nigerians through the deployment of over one million airtime agents.

The payment service banks, when approved by the CBN, will provide access to financial services such as deposits and savings, Peer to Peer payments, merchant payments and utility payments to the Nigerian population.