Airtel discloses plan to set up ‘payment service bank’ in Nigeria

Airtel Nigeria has announced plans to set up a payment service bank (PSB) in Nigeria

Segun Ogunsanya, managing director, Airtel Nigeria, made the disclosure on Tuesday, saying  it would help to deliver mobile banking services to its teeming customers.

According to him, Airtel will apply for the PSB license through a subsidiary which is in line with guidelines to establishing a PSB, issued by the Central Bank of Nigeria (CBN) in November.

He said Airtel, through its subsidiary, has 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.”