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Airtel Africa PLC - London-based Africa-focused telecommunications services provider - Subsidiary Smartcash Payment Service Bank granted approval to operate a payment service bank business in Nigeria. Final approval is subject to the group satisfying certain standard conditions within six months, Airtel notes.
"I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. 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," comments Chief Executive Segun Ogunsanya.
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By Will Paige; willpaige@alliancenews.com
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