Airtel awarded CBN super agent license

Airtel awarded CBN super agent license

Airtel Mobile Commerce Nigeria Ltd, a subsidiary of Airtel Africa Plc, has been granted a full super-agent license by the Central Bank of Nigeria (CBN) to operate as an agency network.

Simon O’Hara, the Company Secretary revealed this in a press release titled NIGERIA SUPER AGENT FULL LICENSE APPROVAL.”

The statement which has been filed with the NGX partly reads, “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the Central Bank of Nigeria (‘CBN’) has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent license.”

“The license allows us to create an agency network that can service the customers of licensed Nigerian banks, payment service banks, and licensed mobile money operators in Nigeria.”

The super agent license is different from the Payment Service Bank (PSB) license which the CBN granted MTN Nigeria earlier this month.

In its bid to increase financial inclusion, particularly in the rural communities in Nigeria, the regulatory bank is granting PSB licenses to firms that meet up with the criteria.

Companies that have the approval to operate as PSBs may operate Automated Teller Machines to enable their customers to withdraw cash in some of their operational areas.

Airtel with the super-agent license would be able to recruit agents that can service the customers of licensed banks, mobile money operators, and payment service banks in especially rural communities within the country so as to enhance financial inclusion.

However, for the firm to conduct financial services such as accepting cash deposits, processing payments and remittances, issuing debit and prepaid cards, and others, it needs the PSB license.

It also needs to have at least 50% physical access points in rural areas.

In the statement filed with the NGX, Airtel did not state specifically when it will commence operations as an agency network.

Author: Greg