So, the Central Bank of Nigeria, CBN in November issued guidelines for the establishment of payment service banks.

It is in line with that the mobile network operator, Airtel plans to establish one in Nigeria.

But first, what is Payment Service Bank?

Payment Service Banks are payment platforms with the regulatory backing to provide financial services to people without access to formal financial services through technology.

According to the CBN, this will help to promote financial inclusion and enhance access to financial services for low income earners.

Also Read: Nigerians To Pay More For Phone Calls & Data

Segun Ogunsanya, who is the managing director of Airtel Nigeria, disclosed on Tuesday that Airtel would apply for the PSB license through a subsidiary which was in line with guidelines to establishing a PSB, issued by the CBN in November.

He said Airtel, through its subsidiary, had a vision of operating the largest and most secured PSB in Nigeria, in order to promote financial inclusion as well as enhance access to financial services to the rural poor, low income earners and financially excluded of the society.

“We welcome the development and we express profound appreciation to the CBN for its commitment to driving financial inclusion through technology,” he said.

“In line with the guidelines shared by the CBN, we have commenced the process of applying for a license 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 door steps 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.

“With a subscriber base of over 40 million customers and retail footprint across major nooks and crannies of the country, Airtel intends to leverage its distribution to drive financial inclusion amongst the unbanked and financially excluded.”

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