Airtel Africa Plc (NGX: AIRTELAF) has announced that the Central Bank of Nigeria (CBN) has given final approval for its subsidiary, SMARTCASH Payment Service Bank Limited to operate as a full Payment Service Bank (PSB).
The license affords the “Group the opportunity to deliver a full suite of mobile money services into Nigeria,” Airtel Africa Plc said in a document published on the Nigeria Exchange.
The company added that “More details regarding the commencement of operations will be presented with our full year results announcement in May 2022.”
Reacting to the approval, Segun Ogunsanya, CEO, Airtel Africa, said: “I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business. This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services. We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy.”
On Friday, the equity price of Airtel Africa Plc gained 5% to close at N1,386.00 per share. YTD the the share price is 45.13%.
About Airtel Africa
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa. Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally. The Group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.