South African multinational telecommunications company, MTN has on Thursday launched a Mobile Money (MoMo) Operations in Nigeria, a cash management system that allows millions of customers to transfer money to beneficiaries without a bank account.
The telecom company has the same system running in other African countries including Ghana, Cote D’Ivoire, Guinea Bissau, Guinea, Liberia, Swaziland, Rwanda and Uganda.
According to AFP, last year, the Federal Government tightened restrictions to allow telecommunication companies provide financial services, which MTN Nigeria was granted a "super-agent" licence, following a resolution of its disputes with some regulatory bodies.
Other telecom firms including Airtel are reportedly also pushing for licences to offer mobile money services in Nigeria.
However, MTN disclosed that more than 50 million Nigerians don’t have access to bank accounts.
The telecom firm said it plans to expand the range of financial services offered once the Central Bank of Nigeria (CBN) grants approval for a further Payment Banking Licence.