Telecommunications Companies, MTN and Airtel have received approval in principle to operate a payment service bank (PSB) in the country. The two leading telcos disclosed in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday. The Central Bank of Nigeria (CBN), had last year, approved the same license for 9mobile and Globacom. With the latest development, all the four mobile network operators in Nige-ria are approved to provide financial services as the country intensifies efforts to deepen financial inclusion.
PSB operators provide financial services through digital means to low-income earners and people that do not use banks or banking institutions for transactions. Airtel will operate PSB via its Smartcash Payment Service Bank Limited while MoMo Payment Service Bank Limited will be MTN’s PSB. The essence is to bring more people into the financial inclusion space.