MTN Eyes Banking License as SARB Opens Payments to Fintech
MTN, one of Africa’s leading telecom giants, is making wave towards entering the banking industry in South Africa.
The company plans to acquire a banking license as the South African Reserve Bank (SARB) prepares to open its national payments system to fintech and non-banking entities.
Building on its existing MTN Mobile Money (MoMo) platform, which already facilitates transactional banking like remittances and payments, MTN aims to further enhance financial inclusion. This move could address the needs of millions of South Africans, particularly those without access to traditional banking.