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CBN grants Airtel approval to operate mobile money banking

Airtel Africa has confirmed that the Central Bank of Nigeria has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence.

According to the firm, this licence will allow it to create an agency network that can service customers of licenced banks, payment service banks, and licenced mobile money operators in Nigeria.

In a statement, the firm said, “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the CBN has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence.

“The licence allows us to create an agency network that can service the customers of licenced Nigerian banks, payment service banks and licenced mobile money operators in Nigeria.”

Super agents are firms approved by CBN to recruit agents for agency banking, such as financial services within communities on behalf of banks in order to deepen financial inclusion.

This development is coming about five months after the telco was granted an approval-in-principle licence.

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