The scheme targets those without bank accounts, according to a source in MTN Nigeria on Thursday under its Yello Digital Financial Services Limited (YDFS), recently licensed by the Central Bank of Nigeria.
The Federal Government through CBN, had assured investors especially telecom sectors that the MTN Nigeria can provide banking services to pave the way for inclusion of unbanked millions who do not have account.
ITREALMS recalls that MTN Nigeria was awarded a license by the Central Bank of Nigeria in July to provide financial services.
Majorly owned by South Africa’s MTN Group, MTN Nigeria is home to some 56 million telecom subscribers in the country.
MTN Nigeria’s CEO Ferdi Moolman said its Yello Digital Financial Services Limited (YDFS) unit would extend access to simple money transfer services and other financial services.
More than half of Nigeria’s population of 180 million do not have a bank account.
Shares in MTN Nigeria fell 1.49 per cent to 144.50 naira on Thursday, which saw its value at 2.95 trillion naira ($9.64 billion).
ITREALMS also notes that MTN Group appointed Rob Shuter as chief executive in 2016 to oversee the formulation of a new strategic growth plan and look for new revenue streams as competition and regulation hit profit margins.
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