Airtel Africa, MTNN Payment Banks Commence Operations In Nigeria

The payments units of Airtel Africa, SmartCash Payment Service Bank Limited (‘SmartCash PSB’) and MTN Nigeria Communications Plc – MoMo Payment Service Bank (Momo PSB) have commenced commercial operations in Nigeria.

The telecom firms in separate statements obtained by The Daily Times on Thursday informed the general public of the commencement of their PSBs operations.

For instance, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, stated that its services will initially be available at selected retail touchpoints, and operations will be expanded gradually across the country over the next few months.

Chief Executive Officer, Segun Ogunsanya said, “I am very excited to announce our commencement of operations for financial services in Nigeria through SmartCash PSB. This is the beginning of our journey to revolutionise the financial services landscape in the country.

“To help further digitise the economy, and most importantly to help bank the unbanked by reaching the millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services”, he said.

Similarly, MTN Nigeria said, “This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria,” said MTN Nigeria’s CEO Karl Toriola.

“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,” he added.

The telco’s shares surged 5.64 per cent to N270 per unit on Lagos’ Custom Street on Thursday, its peak level in 52 weeks.

MTN Group Limited, the Johannesburg-based parent company of MTN Nigeria, has its fintech business estimated at $5 billion, roughly twice the valuation of Airtel Africa, which stood at $2.65 billion a year ago.

“Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy,” Usoro Usoro, Momo PSB CEO said.