After PSB approval, Airtel gets CBN’s nod to operate as a super agent in Nigeria

Airtel Africa Plc says it has been granted approval-in-principle by the Central Bank of Nigeria (CBN) to operate as a super-agent in Nigeria.

In a corporate filing on the Nigeria Exchange Limited (NGX) on Monday, the company said Airtel Mobile Commerce Nigeria, its subsidiary will operate the agent banking licence.

The super-agent approval was granted a week after the telco firm received CBN’s nod to operate a payment service bank (PSB) via Smartcash Payment Service Bank Limited.

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

“The super agent licence is distinct from the Payment Service Bank (PSB) licence for which it received approval in principle on 4 November 2021,” the statement reads.

“The PSB licence is required for Airtel to be able to provide financial services in Nigeria such as accepting cash deposits and carrying out payments and remittances, issuing debit and prepaid cards, operating electronic wallets, and rendering other financial services.

“Under the super agent licence we would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.

“Final approval of the super agent licence is subject to the Group satisfying certain standard conditions.”