MTN Gets Final Approval To Operate Payment Service Bank

MTN Nigeria Communications Plc has received approval to operate a payment service bank in the country.

The development was confirmed in a communique signed and released on Monday by the company’s secretary, Uto Ukpanah, Naija News understands.

The approval follows the receipt of a memo from the Central Bank of Nigeria dated November 2021, which granted Momo Payment Service Bank Limited final approval to commence operations in the country.

The memo reads partly: “We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the CBN for Momo PSB.

“MTN Nigeria Communications Plc announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.

“The date of commencement will be communicated to the CBN in accordance with its requirements.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited at this opportunity to support its fulfillment.”

Meanwhile, the National Bureau of Statistics (NBS) has said the country’s non-oil exports have fallen by 39 percent from N6.914tn to N4.194tn in10 years.

According to statistics released by the bureau’s Foreign Trade Statistics, the N4.194tn non-oil exports recorded in 2021 are 39.34 per cent lower than the N6.914tn non-oil exports recorded in 2012.

In 2012, Nigeria’s total exports amounted to N22.446tn. Out of this number, N15.531tn was crude oil export while N6.914tn was non-oil export. The non-oil exports comprised 30.8 per cent of the total exports that year.

However, in 2021 the nation’s total exports were estimated at N19.057tn, with the non-oil segment occupying N4.194tn. The non-oil exports comprised 22.07 per cent of the total exports last year.

According to The Punch, an analysis of the NBS’ Foreign Trade Statistics between 2012 and 2021 on Friday showed the levels of growth of the non-oil exports and the shares of its contribution to the nation’s total exports over the period.

This article was originally published on Nigeria News