MTN, Africa”s second-largest mobile network operator, is set to expand its financial services by acquiring a banking licence in South Africa.
This move aligns with the South African Reserve Bank’s (SARB) recent initiatives to grant non-banking entities direct access to the national payments system, a privilege traditionally reserved for established banks.
“We believe that we should move with the times and open up the system for the entry of non-banks,” Tim Masela, head of the National Payments System department at the South African Reserve Bank, said.