Telecommunications firm, MTN Nigeria, has proposed a merger of its two finance subsidiaries; Momo Cost Service Financial institution Restricted and Yello Digital Monetary Providers Restricted.
This was revealed in its proposed resolutions for its 2023 Annual Normal Assembly scheduled to carry in April.
The corporate mentioned that the proposed merger would “maintain the Cost Service Financial institution licence granted by the Central Financial institution of Nigeria and also will be able to performing super-agent companies and different permissible actions.”
Momo PSB is the funds unit of MTN Nigeria Communications Plc, which started operations in 2022 on the identical day that rival Airtel Africa introduced an analogous transfer by its fintech arm.
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Talking about Momo PSB, MTN Nigeria’s CEO, Karl Toriola mentioned that it helps the Federal authorities’s “drive in direction of monetary inclusion in Nigeria.
“Not only for these in city centres and markets, but in addition individuals in rural and distant areas of the nation who stay excluded from the monetary system.”
The CBN granted MTN’s Yello Digital Monetary Providers Restricted a full Tremendous Agent Licence in 2019.
Tremendous brokers are companies licensed by the CBN to recruit brokers to supply monetary companies to communities on behalf of banks to extend monetary inclusion.
MTN Nigeria added that the proposed merger will carry enhanced worth for the Firm and its shareholders.