TechPression

Tag: license

  • MTN Cameroon obtains payment service provider license

    MTN Cameroon obtains payment service provider license

    MTN Cameroon‘s financial technology subsidiary, Mobile Money Corporation (MMC), has recently been granted a licence to operate as a payment services provider by the Banking Commission of Central Africa via the Ministry of Finance.

    Before this, MTN Cameroon was able to offer mobile money services thanks to a mobile payment licence held by Afriland First Bank. This licence allowed MTN Cameroon to accept mobile payments.

    Now, with the regulatory permission received this week, MMC will now be able to offer services independently. These services will include the ability to make cash deposits, transfers, and withdrawals, in addition to the purchase of airtime and bundles.

    Additionally, the licence enables MMC to provide services such as foreign money transfers, the settlement of utility bills, the payment of school fees, salaries, taxes and levies, as well as remittances and fundraisers.

    Read also: MTN’s $320 million fiber-optic cable network links 10 African countries

    Mitwa Kaemba Ng’ambi, the chief executive officer of MTN Cameroon, stated that the company’s goal in launching its fintech subsidiary, MMC, was to create a MoMo ecosystem that was available to everyone.

    During a press conference held in Douala, MMC Chief Executive Officer Alain Nono stated that with this licence, the company’s more than five million clients who transact every month might look forward to a wider choice of innovative and cheap fintech offerings.

    During the ceremony, Nono also announced the launch of a new service called MTN MoMoKash, which will enable clients to receive quick loans and is being provided in partnership with local microfinance institutions.

    MoMoKash customers can borrow up to 100,000 CFA francs at an interest rate of 7.5%, and the loan must be repaid within two weeks. If the loan is paid back within three days during the promotional period, there will be no interest charged to the borrower.

     

    Statements from some Executives of  Mobile Money Corporation (MMC)

    “When we established our FinTech subsidiary, the Mobile Money Corporation (MMC), our dream was to build a MoMo ecosystem accessible to all,” said MTN Cameroon CEO Mitwa Kaemba Ng’ambi.

    Today, we are proud to announce that MC has now been granted its own Payment Services Provider License, allowing it to offer even more diverse FinTech services.

    We thank all Stakeholders for their support and belief in MMC to drive the financial inclusion agenda of Cameroon.”

    “As the Mobile Money Corporation (MMC) and FinTech subsidiary of MTN Cameroon, we are extremely excited to have been granted a Payment Services Provider License” – Alain Nono, CEO, Mobile Money Corporation.

    With this License, our more than 5 million customers who transact every month can look forward to a wider range of innovative and affordable FinTech services”.

    About MTN Mobile Money

    MTN Mobile Money is a secure electronic service that lets wallet holders save monies, transfer and receive money, make payments, and more using their mobile phone. Fast, easy, convenient, and cheap. MTN offers it in several African nations with over 10 partner banks.

    MTN Mobile Money secures funds in a mobile phone number-linked account. Check your recipient’s MTN Mobile Money account before sending funds.

    MTN’s website or specialised agents can provide information about MTN Mobile Money services in a certain country.

    MTN Mobile Money wallet users have several options; Fund and store, Pay any MTN mobile phone subscriber, registered or not. Pay local mobile phone users, Withdraw cash from any authorised MTN Mobile Money agent, MTN top-up, Bills, insurance, Pay for school, airline, and employee pay.

    MTN Mobile Money balances can be checked in several ways. The MTN app is amazing. It checks rates and balances. It improves MTN mobile service management as well.

    MTN Mobile Money users can receive money from abroad through WorldRemit. WorldRemit lets you receive money from over 50 countries in your MTN Mobile Money wallet.

    Also, keep in mind that using the WorldRemit app to receive money from another country is the method that is both the quickest and most effective. 

  • RoutePay receives CBN digital payment license

    RoutePay receives CBN digital payment license

    RoutePay Fintech Limited has been offered a complete operating license by the Central Bank of Nigeria to offer digital payment solutions in Nigeria.

    The CBN approved the fintech firm after a careful study and on-site assessment to guarantee it fulfils payment ecosystem developments.

    RoutePay received an AIP from the CBN last year. With this approval, Routepay has met all CBN requirements.

    “We are glad to inform you that the CBN has approved the issue of a license to operate under the Payment Solution Service Provider (PSSP) in Nigeria,” the apex bank wrote to RoutePay on January 12, 2023.

    The Group Managing Director, Mr Femi Adeoti, says RoutePay is handled by a team of smart individuals that understand Nigeria’s digital payment infrastructure. Adeoti stated, “The CBN approval validates the firm’s trustworthiness in the financial services industry.”

    Read also: CBN Records 700,000 transactions worth N8 billion on eNaira

    Routepay allows digital payments

    Routepay would ensure that “digital payment solutions are made possible and available in our environment without hassles” in the digital payment and financial technology industries, Adeoti said.

    Abayomi Olomu, Routepay’s CEO, said the organization is intentional about enabling the digital payment revolution in a changing and demanding environment. He adds that by removing pain points and improving customer pleasure, the company’s diversified products will improve payment linkages.

    He claims that people’s objections range from channel dependability to trust issues and that some still refuse to use their cards for online purchases owing to fraud fears, while others worry about payment channel costs.

    Despite awareness, products, services, government policies, and investment in this area, this may explain the poor adoption rate. Despite the amount of financial technology and digital payment service providers, more than 85% of transactions are still cash-based, he added.

    RoutePay is highlighting these and other pain issues creatively. We employ an advanced customer experience survey system to gather user feedback and constantly improve our services, procedures, and products.

    “We provide digital payment services to anyone, regardless of exposure, technical savvy, region, age, affluence, or education. RoutePay sells on the Web, mobile, POS, ATM, and USSD. “It also includes products and services targeting diverse market segments, demographics, inclinations, and leanings,” he stated.

    Routepay will provide access to all its products and services, taking into account users’ literacy levels, geographical areas, ages, and financial capacities.

    The Central Bank of Nigeria approves Fincra as payment service provider

    About RoutePay 

    The Nigerian Corporate Affairs Commission has granted RoutePay Fintech Limited proper registration to offer digital payment goods and services. 

    As part of its mission to “provide payment solutions across borders” and vision to “be the payment solution of choice across all borders,” RoutePay is motivated by the goal to make sure that digital payment is made possible and accessible without complications. 

    RoutePay’s goals are in line with those of the Central Bank of Nigeria, which is to ensure that everyone in the country has access to financial services, which is why it makes its products and services available to all market segments via a variety of channels.

  • MTN, Airtel, others compete In second 5G license auction in Nigeria

    MTN, Airtel, others compete In second 5G license auction in Nigeria

    MTN Nigeria Communications, Airtel Africa Plc, and other operators seem to be preparing for the country’s second auction for the implementation of fifth-generation (5G) technology. MTN Nigeria is chasing a second 5G license less than a year after securing one of the two.

    At the Nigerian Communications Commission’s stakeholder engagement on the draft information memorandum (IM) on the 3.5 GHz spectrum auction, telecom operators were upset by what MTN said (NCC).

    A representative for MTN Nigeria was worried about a part of the IM that made it sound like operators with active 5G licenses would not be able to bid on new licenses in December 2022. The clause states that any licensee of the commission or company with up to 100 MHz in Nigeria’s 3.5 GHz band would not be permitted to take part in the auction.

    He said that the business joined the last auction in 2021 because it thought it would be an open market and could join future auctions if needed.

    MTN won Lot B in 2021; the NCC is auctioning Lots A and C. The telecom said 5G equipment is generally made in two batches, A and B or B and C. The operator believes having a license for two lots gives it simple access to deployment equipment and lowers customer costs.

    Read also: 5G: Huawei Aims to Increase Demand in Nigeria

    5G in Nigeria

    The fifth-generation wireless (5G) technology will increase transfer speeds by up to 10 gigabits per second (Gbps), among other things. Telecom companies and nations throughout the world are working feverishly to get a head start on adopting this technology.

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    Four 5G licenses are in Nigeria. Two licenses have been auctioned, although only one has debuted commercially. The operators worry that giving MTN two of the four licenses gives it an unfair edge in the upcoming 5G market.

    Airtel and other carriers say it goes against the idea of competition for one telco to have multiple licenses while others don’t.

    Ubale Maska, the NCC’s executive commissioner for technical services, said MTN’s request isn’t a first in the telecom business since Nigeria is an open market.

    NCC Auctions New 5G Licences For $547.2m

    Airtel wants 5G without an auction.

    Airtel Africa sought the NCC to set aside a slot of 3.5 GHz spectrum for $273.6 million, the amount the commission sold the previous two slots for in November 2021. Offer refused.

    Our reserve price was decided following benchmarking. We have a price in mind. The auction set the price. If just one person is interested, the price will be set.   “If the reserve price rises, it becomes the new price,” said Maska.

    Executive vice chairman of the NCC, Umar Garba Danbatta, said all petitions would be reviewed before the auction.

    “Generating revenue for the federal government is not the goal.” The money we’re going to make won’t have anything to do with it. The most recent auction set the price. “No matter when the auction was held, we will always refer to the reserve price,” Danbatta said.