MTN Nigeria Communications Plc has disclosed its plans to engage the services of some of its airtime vendors to offer the financial services to consumers, while others would be recruited as agents.
Mrs Uto Ukpanah, in a signed statement, said the licence was obtained by its subsidiary, Yello Digital Financial Services limited (YDFS), to deepen financial inclusion in Nigeria.
According to the statement;
“The Super-Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN Nigeria to convert their existing airtime agents and recruit other small businesses to distribute financial services.”
MTN Nigeria explained that YDFS had obtained its Super-Agent licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence.
The firm stated that;
“Through the network established by YDFS, MTN Nigeria is in a position to broaden the availability of financial services for the under-served across the country. This mars a very important first step in leveraging our infrastructure to scale our fintech initiatives.”
The statement further revealed that YDFS has applied for a Payment Service Ban licence, which will enable them in time to offer a broader and deeper range of financial services to those communities.