The Central Bank of Nigeria has granted another approval in principle to Airtel Africa, a telecommunications and mobile money service in Nigeria and Africa, just a week after receiving the Payment Service Bank licence.
The telecommunications company disclosed in a statement on Monday that the approval in principle was granted to its subsidiary, Airtel Mobile Commerce Nigeria Ltd, to operate as a super-agent in Nigeria.
This is coming barely a week after Airtel Africa and MTN Nigeria received the same approval to operate Payment Service Bank in the country.
Airtel Africa explained the difference in the two licences, it said while the PSB allows the company to provide financial services in Nigeria like existing financial institutions, the super-agent licence would allow Airtel Africa to create an agent network that can service customers of licensed Nigerian banks, payment service banks and licenced mobile money operators in Nigeria.
It said “The super agent licence is distinct from the Payment Service Bank (‘PSB’) licence, for which we received approval in principle on 4 November 2021.
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 wallet and rendering other financial services.
Airtel Africa added, “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.”