Nigeria’s largest mobile operator is about to become a bank By Yomi Kazeem August 1, 2019 The fledgling mobile money market in Nigeria is about to get a major shake-up. MTN Nigeria, the country’s largest telecoms operator, has been granted a “super agent” license which allows it set up an agent network through which it can provide financial services. It’s the first step in MTN’s plans to finally roll out mobile money services in Africa’s largest economy as the company says it has also applied for a payment service bank license, which will allow it “offer a broader and deeper range of financial services.” The license comes after reforms by Nigeria’s central bank last October permitting telecoms operators to get mobile money and banking licenses in a bid to boost financial inclusion and facilitate the long-held ambition for a cashless society. As already seen in several African countries, the real-life application of mobile money among unbanked populations ranges from quick...
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