MTN Group in financial services push

MTN Group is set to apply for a mobile banking license in Nigeria, and is expected to launch the service in 2019, Reuters reported.

“We will be applying for a payment service banking license in Nigeria in the next month or so, and if all goes according to plan, we will also be launching Mobile Money in Nigeria probably around Q2 of 2019,” CEO Rob Shuter said.

Nigeria, is MTN’s biggest market, however the group is currently in negotiations to secure a deal with Nigeria’s central bank over an order to repay $8.1 billion it is alleged to have illegally taken out of the country. The operator also faces a $2 billion tax bill in the country.

Shuter also said that MTN will relaunch mobile money services in South Africa, having launched the service in 2012, but then canning it in 2016 having attracted only 2 million users, despite having a total subscriber base exceeding 25 million.

Reuters also reported that MTN has acquired music streaming firm, Simfy.

MTN has seen its share price plummet in 2018, to a low of R70 in September. In mid afternoon trade on Tuesday, shares in the company advanced to R82, giving it a market cap of R154 billion ($10.6 billion).


Read: MTN South Africa hit by weak rand and high phone prices

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