Nigeria’s second largest network operator, Airtel, has confirmed plans to establish a Payment Service Bank in order to promote financial inclusion in the country.
The telco, in a statement issued on Wednesday, said that it would apply for the PSB licence through a subsidiary as directed in the Central Bank of Nigeria’s guidelines, adding that it had a vision of becoming the largest and most secured PSB in Nigeria.
The company commended the apex bank for issuing guidelines for licensing of PSBs, saying the move would enhance access to financial services to the rural poor, low-income earners and the financially- excluded in the society.
With a subscriber base of over 40 million customers and its retail footprint across major nooks and crannies of the country, Airtel said it intended to leverage its distribution to drive financial inclusion among the unbanked and financially excluded.
Commenting on the CBN guidelines for a mobile banking licence, the Chief Executive Officer and Managing Director of Airtel Nigeria, Mr Segun Ogunsanya, said, “We welcome the development and we express profound appreciation to the CBN for its commitment to driving financial inclusion through technology.
“In line with the guidelines shared by the CBN, we have commenced the process of applying for a licence as we believe that we are at a vantage position to empower and connect more Nigerians as well as deliver mobile banking services to the doorsteps of the financially excluded. Folks will no longer need to keep their money inside cooking pots or under their beds because we will securely connect them to the financial system.”
