MTN Nigeria has successfuly secured a Super Agent Licence from Nigeria’s banking regulator, the Central Bank, to provide financial services in the country through its subsidiary, Yello Digital Financial Services (YDFS) Limited. This positions the company strategically to play in the booming fintech space in Nigeria.
The license was obtained Approval in Principle in December 2018 and the company has hit the ground with a pilot project already. As a result, a full license has now been issued, giving MTN the greenlight to deliver financial services across the country.
The company, which has over 60 million mobile subscribers, says the license through its Yello Digital Financial Services Limited (YDFS) unit, will broaden the availability of financial services for the under-served across the country.
But MTN isn’t stopping there. The company also applied for a Payment Service Bank Licence to enable it “offer a broader and deeper range of financial services” to under-served communities.