MTN Nigeria unveils Yello Digital Financial Service As Tts Mobile Money Operators

MTN Nigeria Plc said it has registered a wholly owned entity to carry out mobile financial services across the country.

In its first financial report submitted to the Nigerian Stock Exchange (NSE) as a quoted company, MTN said it has incorporated a company known as Yello Digital Financial Services to play in the fintech industry in the country.
However, the telecoms firm said the new company is yet to commence operations but did not disclose if it has been granted banking licence by the country regulatory bank.
MTN Nigeria, which was listed on the Premium board of the NSE two weeks ago had disclosed last year that it intends to play in the Nigerian financial service industry this year.
"We will be applying for a payment service banking licence 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," the company group chief executive Rob Shuter told a conference last year.
MTN is Nigeria’s biggest mobile phone network serving over 56 million people across the country.
The Central Bank of Nigeria (CBN) is yet to announce the licencing of any telecoms firm as a player in the country's fintech industry.
But many Nigerian commercial lenders are already interfacing with some mobile firms to carry out mobile banking across some spectrums.
The company said it earned a total revenue of 1.03 trillion last year, up 17.13 percent against the total revenue generated in the corresponding period of 2017.
it generated a whopping 676.36 billion naira from airtime and subscription up from the restated 556.57 billion naira 2017.