Telcos' payment service license and Nigerian banks | The Guardian Nigeria News - Nigeria and World News

On 5th November 2021, MTN and Airtel confirmed, through their social media handles, the Approval-in-Principle by the Central Bank of Nigeria for Payment Service Bank license. The approval is a step towards fulfilling their long-standing wish. The telcos have never hidden their desire to get fully involved with financial services. The large…

At the 2021 Banking and Finance Conference, organised by the Chartered Institute of Bankers of Nigeria , with the theme “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance”, Vice President Yemi Osinbajo said “More than 30 million Nigerians are excluded from enjoying financial services”.

Telecom financial services will likely triumph more than conventional banks in that they may not require a bank account and physical presence of customers. Their services will be cost-effective, more reliable and will not discriminate beyond the requirements of owning a registered sim card. The major gains would be market efficiency, fiscal transparency and accountability.

Telcos and banks may decide to further partner to enjoy the benefits of market share. Telcos may move first due to a larger customer base, global reach and financial muscle. Banks and telcos will inevitably discover an avenue to cross-sell products to existing customers, through relationship-based product bundling and pricing that takes advantage of a reduced cost structure.

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