First Word on SB

First Word on SB

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FW: MTN to start mobile money service in Nigeria

Aisha-Nana Salaudeen

Aisha-Nana Salaudeen

Aisha is trying to figure out how to tell as many impact stories as possible in different forms.

This article is part of our #FirstWord series to provide context on trending news.

Africa’s largest telecoms company, MTN, says it will be applying for a mobile money banking licence next month to enter the financial service sector.

MTN Group CEO, Rob Shuter announced at a telecoms conference in Cape Town, South Africa on Tuesday, November 13 2018. According to him, MTN will start mobile money from June 2019.

We will be applying for a payment service banking licence in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019,” - Rob Shuter.

 

What is mobile money?

Mobile money is a financial service that allows people to save, receive and send money using their mobile phones. In place of bank accounts, phone numbers are used for transactions.

Presently, more than 90 million Nigerians are unbanked, meaning a substantial part of the population don’t have bank accounts or don’t use financial institutions to save and borrow money.

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