Nigeria is increasingly liberalizing its financial services sector away from a total dependence on banks to include providers with different business models and distribution channels. The latest step in that evolution is the granting of ‘payment service bank’ licenses to MTN and Airtel, two of the country’s biggest providers of telecom services.Both received final authorization from the Central Bank of Nigeria (CBN) in April, six months after an approval-in-principle was issued last November.When their PSBs begin operations, MTN, and Airtel will not provide every type of banking service in Nigeria. They won’t be able to lend to or facilitate foreign exchange transfers for customers, for exam
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