MTN merges two finance subsidiaries

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MTN Nigeria, a telecommunications company, has proposed a merger of two of its subsidiaries. They are Momo Payment Service Bank Limited and Yello Digital Financial Services Limited.

The proposed merger was revealed in its proposed resolutions for its 2023 Annual General Meeting. Also, the meeting is scheduled to take place in April. MTN Nigeria says the proposed merger would “hold the Payment Service Bank license granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities.”

Momo PSB is the payments unit of MTN Nigeria Communications Plc. Further, it began operations in 2022. MTN Nigeria’s CEO, Kari Toriola, said that Momo PSB supports the Federal Government’s drive towards financial inclusion in Nigeria. Also, those in rural areas of the country will be included in this scheme.

Furthermore, the CBN granted MTN’s Yello Digital Financial Services Limited a full Super Agent License in 2019. Specifically, super agents are businesses licensed by the CBN to recruit agents. These agents provide financial services to communities on behalf of banks to increase financial inclusion.

Lastly, MTN Nigeria added that the proposed merger will enhance value for the company and its shareholders.


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