Airtel Nigeria: Firm Gets Final approval to Operate Agency Banking

Airtel Africa Plc says it has received final approval from the Central Bank of Nigeria (CBN) to operate as a super agent.

Under the CBN’s regulatory framework, super agents are responsible for monitoring and supervising the activities of agents, including the volume and value of transactions for each service they offer, as well as ensuring effective adherence to set limits.

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It statement 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 licence”.

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

As companies approved by CBN, they are to recruit agents for agency banking, such as financial services within communities on behalf of banks to deepen financial inclusion.

Airtel announced on Tuesday that the CBN granted its subsidiary, Airtel Mobile Commerce Nigeria, with a full super agent licence after the group met certain standard conditions.

The telco firm had previously received CBN’s approval for the operation of a payment service bank (PSB) via its subsidiary, Smartcash Payment Service Bank Limited.