• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Banks are worried they may lose customers to MTN

Damilare Famuyiwa by Damilare Famuyiwa
November 26, 2018
in Business News, Company News
MTN Mobile Money, CBN,
Share on FacebookShare on TwitterShare on Linkedin

Nigerian Deposit Money Banks (DMBs), according to industry sources, are nervous following the recent announcement by telco giant, MTN of its readiness to apply for a Payment Service Bank (PSB) licence and launch mobile banking in Nigeria by the second quarter of next year.

As other telecommunications are also billed to go into mobile banking, the banks are worried that the MTN announcement, which came in the wake of the Central Bank of Nigeria (CBN) release of guidelines on PSBs, would make the business environment, which was already tough for lenders, even tougher.

A senior industry player said with a PSB licence, MTN’s subscriber base of over 50 million clearly gives the telco an edge over banks.

RelatedStories

CBN, forex

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025

“In fact, most of the major telcos can easily provide most of the services being offered by banks.”

The industry player further stressed that compared to banks, the telcos have a bigger budget and better technical know-how to drive mobile banking.

Nairametrics had last week, reported the MTN Group’s plans to apply for payment banking license in Nigeria and launch a service in the country by the second quarter of 2019.

The success story of mobile money in East Africa, pioneered by Kenya’s Safaricom, has convinced investors and the industry that financial services are the next growth area for telecoms to offset falling prices for basic services.

How the mobile money works

MTN Mobile Money is a service that enables users to send and receive money with their mobile phone. The intended recipient must have an MTN Mobile Money account, which is an electronic account linked to their MTN mobile number. Once a mobile money transfer has been made, the recipient can use their mobile wallet to pay for goods, public transport costs and even household bills. Importantly, they can also withdraw the money as cash.


Follow us for Breaking News and Market Intelligence.
Tags: CBNmobile bankingMTNpayment banking licensePayment Service Bank (PSB)
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

Related Posts

CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
9mobile, MTN to roll out National Roaming nationwide before end of July 
Corporate deals

9mobile, MTN to roll out National Roaming nationwide before end of July 

July 3, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Financial Services

Focus on ‘African-led, African-owned’ growth, digital transformation – Cardoso tells African leaders at Afreximbank AGM 

June 25, 2025
Next Post
Akin Alabi, Nairabet

Akin Alabi shows off multi-million naira Nairabet office building

Comments 8

  1. Adedeji Sijuwade says:
    November 26, 2018 at 10:23 am

    Hello Nairametics ,is this Mobile banking part of the Blockchain thing?

    Reply
    • Alfred Akuki says:
      November 26, 2018 at 11:32 am

      No

      Reply
  2. Saleh Magaji says:
    November 26, 2018 at 11:00 pm

    CBN should be weary of MTN excesses in their dealing with Nigerians for services they provide. Their charges for data and calls before considering granting licence for PSBs. This is very important. Positive thinking.

    Reply
  3. NiMED chain says:
    November 27, 2018 at 10:51 am

    Go and study the block chain thing don’t let the media study for you

    Reply
  4. Anonymous says:
    November 27, 2018 at 2:16 pm

    Hi why don’t you integrate Disqus comments system here. Vanguard, Punch, PMtimes and the rest use it. Your contents are really quality and the site name perfect. Kudos.

    Reply
  5. Cyndy says:
    November 27, 2018 at 4:06 pm

    Fact is, Nigerians have a tendency to trust only banks for anything money related. And unless Mtn is willing to eventually build a structure specifically called a bank, then I fear it might not yield so much success.

    Nigerians bank have nothing to fear please, except rival them with better services.

    Reply
    • Madamspeaker says:
      November 29, 2018 at 3:28 pm

      You never can tell. Since it works in East Africa, it can work here too. If MTN provides this service at a lower cost and they got the backing of the CBN, you just need a little time and many people will be convinced. Telcos even have more technology to provide these services than the banks and that’s why they are scared.

      Reply
  6. Anonymous says:
    December 1, 2018 at 1:59 am

    Charges in the bank are so enormous. This might bring cool competition.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • FG begins free nationwide training to upskill vocational teachers across Nigeria 
  • Heirs Technologies’ i-Academy graduates 100 emerging tech talents 
  • CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

Follow us on social media:

Recent News

FG inaugurates 25-member committee to establish Nigerian Education Data Initiative 

FG begins free nationwide training to upskill vocational teachers across Nigeria 

July 7, 2025
Heirs Technologies’ i-Academy graduates 100 emerging tech talents 

Heirs Technologies’ i-Academy graduates 100 emerging tech talents 

July 7, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics