MTN Nigeria and Airtel Africa Plc have received approval in principle to operate a payment service bank (PSB) in the country.
The two leading telcos disclosed in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday.
PSB operators provide financial services through digital means to low-income earners and people that do not use banks or banking institutions for transactions.
Airtel will operate PSB via its Smartcash Payment Service Bank Limited while MoMo Payment Service Bank Limited will be MTN’s PSB. The essence is to bring more people into the financial inclusion space.