13 June 2022

Airtel Africa and MTN Nigeria have launched their respective mobile banking services in Nigeria, both companies said.

The former made the announcement via a stock market filing and said its services are currently available via selected retail locations but will be extended across the country over the next few months.

Airtel Africa chief executive officer (CEO) Segun Ogunsanya said that the licence would allow the operator to deliver a full suite of mobile money services. He added they would improve the lives of “millions of Nigerians who do not currently have access to financial services by delivering current and savings accounts, payment and remittance services, debit and prepayment cards and more sophisticated services”.

Ogunsanya concluded: “This is the beginning of our journey to revolutionise the financial services landscape in the country.”

Meanwhile, MTN Nigeria launched its financial services subsidiary and platform MoMo Payment Bank Service (MoMo PSB) May 19. “This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria,” said Karl Toriola, CEO, MTN Nigeria.