Business

MTN Plans to Launch Bank

MTN South Africa chief fintech officer Kagiso Mothibi confirmed to Business Times that fintechs will be given an opportunity to participate in the banking system following an ongoing review of the payments system.

Published

2 years ago

December 16, 2024

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MTN plans to acquire a banking licence once the South African Reserve Bank (SARB) opens up its national payments system to fintechs and other non-banking entities, Business Times reports.

South Africa’s second-biggest mobile network operator already supports limited transactional banking services through its MTN Mobile Money (MoMo) service.

MoMo offers payments and money transfers to individuals and businesses.

Customers use their phone numbers instead of bank account numbers to identify digital wallets holding their money.

MoMo’s primary target customers are small or informal businesses like spaza shops and the low-income mass consumer market, both of which still rely heavily on cash.

As it stands, MTN or any other fintech which wants to offer these types of services without a banking licence must work through a licenced bank as a sponsor. For MoMo, MTN uses African Bank.

However, this past week, TechCentral reported that the SARB was working to enable non-banking entities like fintechs to gain direct access to the core clearing and settlements system.

SARB National Payments System department head Tim Masela said although banks were the backbone of the financial system in terms of savings and accounts, non-banks were offering convenient transactional services.

“We believe that we should move with the times and open up the system for the entry of non-banks,” Masela said.

“When that is rolled out, we’ll definitely be looking to pursue our own licence,” Mothibi said.

Business

Naira Exchange Rates Thursday, 22 July

Published

11 hours ago

July 23, 2026

OCHEFA

33 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

1 day ago

July 22, 2026

OCHEFA

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President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.