• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Airtel Africa secures approval to launch a payment service bank in Nigeria

4 years ago
in Banking & Finance, Business, highlights, Home, home-news, latest News
2 min read
0 0
0
81
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Airtel Africa secures approval to launch a payment service bank in Nigeria

Just like its major rival in the Nigerian market, Airtel Africa Plc has announced that it has obtained an approval-in-principle to launch its payment service arm in Nigeria, known as SMARTCASH Payment Service Bank Limited.

According to a statement signed by the Group’s Secretary, Simon O’Hara and filed with the Nigerian Exchange Limited (NGX), the final approval is subject to the firm satisfying certain standard conditions within six months.

Recall that MTN Nigeria had announced that it obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to launch its proposed MoMo Payment Service Bank.

What they are saying

Excerpts of the recent press statement issued by the telecommunications giant read thus: ‘’Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary SMARTCASH Payment Service Bank Limited (“Smartcash”) has been granted approval in principle to operate a payment service bank business in Nigeria.

‘’Final approval is subject to the Group satisfying certain standard conditions within six months.’’

RelatedPosts

Why Women Must Be Involved In Building Flood Resilience

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

Commenting on the recent development, the CEO of Airtel Africa Plc, Segun Ogunsanya, said: ‘’I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria.

Read Also: Why climate action needs a gender focus

“We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations. The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services.

“I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.“

In case you missed it

Recall that Airtel Africa recently announced that it is exploring potential IPO for its mobile money business in less than 4 years. The firm made the disclosure during its recently concluded investors’ presentation for its half-year result ending September 2021.

Why this matters

It is expected that the entrance of these two major telecommunications companies into the Nigerian financial services landscape will help heighten competition and drive a more inclusive financial system, offering options for a wide range of financial services to both the unbanked, under-banked and banked populations in Nigeria.

Source: nairametrics
Via: norvanreports
Tags: Airtel Africa PlcCentral Bank of Nigeria (CBN)NigeriaNigerian Exchange Limited (NGX)SMARTCASH Payment Service Bank Limited.
No Result
View All Result

Highlights

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

IMF Urges Lebanon to Deepen Reforms Amid Fragile Rebound and Banking Sector Challenges

GCB Bank Outlines Post-IATF Path to Powering Africa’s Trade Future

AGI Raises Alarm Over Weak Consumer Demand Despite Signs of Economic Recovery

Lead, Mercury Found in Turmeric, Tom Brown and Others – FDA Report

Trending

Features

Why Women Must Be Involved In Building Flood Resilience

September 26, 2025

Why Women Must be Involved in Building Flood Resilience Women carrying children through chest-deep waters, families watching...

African Development Bank Group and Michael Bloomberg to Drive Private Investment into Africa

September 26, 2025

Bitcoin Drops to $109K as Crypto Market Loses $200 Billion

September 26, 2025

AI in Africa: 5 Issues That Must be Tackled for Digital Equality

September 26, 2025

ECG Posts Record Monthly Revenue of GHS 1.74bn for July

September 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.