Airtel to Establish Payment Service Bank in Nigeria

Chief Executive Officer and Managing Director of Airtel Nigeria, Mr. Segun Ogunsanya

Airtel to Establish Payment Service Bank in Nigeria

Airtel Nigeria, a holding company and a subsidiary of Indian telecommunications company Bharti Airtel has announced its plan to set up a PSB in Nigeria.

This follows the Central Bank of Nigeria’s issuance of guidelines for licensing Payment Service Banks (PSB).

The company, which commended the CBN for issuing guidelines for licencing of PSBs in the country, said the move would help promote financial inclusion as well as enhance access to financial services to the rural poor, low income earners and financially excluded of the society.

Airtel said that in line with the CBN guidelines, it would apply for the PSB licence through a subsidiary, as it has a vision of becoming the largest and most secured PSB in Nigeria.

The company has a subscriber base of over 40 million customers and intends to leverage its distribution to drive financial inclusion among the unbanked and financially excluded.

The Chief Executive Officer and Managing Director of Airtel Nigeria, Mr. Segun Ogunsanya commented on the initiative by saying “we welcome the development and we express profound appreciation to the CBN for its commitment to driving financial inclusion through technology”.

He noted that “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.”

To enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services, PSBs are envisioned to facilitate high-volume, low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment.

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