Airtel Africa gets approval in principle to operate service bank in Nigeria

Telecommunications group Airtel Africa said on Friday that its subsidiary, Smartcash, has been given approval in principle to operate a payment service bank business in Nigeria.

Final approval is subject to the company satisfying certain standard conditions within six months.

Chief executive officer Segun Ogunsanya said: "We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

"The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services."