South African mobile phone giant, MTN Group plans to apply for payment banking licencee in Nigeria and launch a service in Africa’s biggest economy by the second quarter of 2019, its Chief Executive, Rob Shuter, said yesterday.
“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,” he said.Nigeria, is MTN’s biggest market, however the group is currently in negotiations to secure a deal with the Central Bank of Nigeria (CBN) over an order to repay $8.1 billion it allegedly took out of the country.
The operator also faces another $2 billion tax bill emanating from the Office of the Attorney General of the Federation.
The telecoms giant has however denied any wring doing and had taken legal action againsr the Nigerian authorities.
Shuter also said the telco 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 this year to a low of R70 in September. In mid afternoon trade yesterday, shares in the company advanced to R82, giving it a market cap of R154 billion ($10.6 billion).