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MTN Nigeria Diversifies into Banking after CBN’s Final Approval for MoMo Bank

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MTN Nigeria, has received final approval from Central Bank of Nigeria (CBN) to run a payment service bank, according to a regulatory filing by the operator on Monday.

MTN Nigeria Diversifies into Banking after CBN’s Final Approval for MoMo Bank

The approval gives the firm the leave to operate virtually all the services offered by conventional commercial banks except granting credit and processing foreign exchange transactions.

“The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange.

Karl Toriola, CEO MTN Nigeria, said “We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a senior official of the telco told PREMIUM time on condition that its identity will not be divulged because of the sensitivity of the matter,” Nigeria’s biggest company by revenue said.

“And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well positioned to cover everywhere. That’s exactly what we want to achieve.”

MTN Nigeria and Airtel Africa, which got preliminary approvals last November to operate in the same space, will be looking to tap Nigeria’s unbanked adult population of 38 million people, who according to Abuja-based media research house and data analytics firm, held N26.2 trillion last year alone, a move that will pit both telcos against traditional banks in getting a slice of the market.

 


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Telecom

MTN Nigeria Crowns Ayo Benzi Winner of Next Afrobeats Star

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L-R: Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ayodeji Benson, Winner, Next Afrobeats Star Reality Show (Season 1) and Emamoke Ogoro, General Manager, Brand and Communication, MTN Nigeria, at the grand finale of the Next Afrobeats Star Reality Show (Season 1), held at the Ultima Studios, Lekki, Lagos on Saturday, December 13, 2025.
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MTN Nigeria, in collaboration with ONErpm and Ultima Studios, has announced Ayodeji Benson, popularly known as Ayo Benzi, as the winner of the maiden edition of the Next Afrobeats Star reality show.

MTN Nigeria Crowns Ayo Benzi Winner of Next Afrobeats Star

L-R: Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ayodeji Benson, Winner, Next Afrobeats Star Reality Show (Season 1) and Emamoke Ogoro, General Manager, Brand and Communication, MTN Nigeria, at the grand finale of the Next Afrobeats Star Reality Show (Season 1), held at the Ultima Studios, Lekki, Lagos on Saturday, December 13, 2025.

The grand finale, held on Sunday night at Ultima Studios in Lekki, Lagos, marked the climax of a nationwide talent search that began in September with over 15,000 aspiring musicians.

After weeks of auditions, mentorship, and rigorous training, five finalists – Ayo Benzi, Dave Cash, Kaeko, Somto O’Laker, and Lucky Yay – battled for the top prize in a high-energy showcase of performance and artistry.

At the end of the electrifying contest, Ayo Benzi emerged victorious, securing a ₦150 million music deal. Dave Cash was named first runner-up with ₦100 million, while Kaeko, Somto O’Laker, and Lucky Yay received ₦75 million, ₦50 million, and ₦25 million respectively.

Throughout the season, contestants were mentored by leading Afrobeats producers Sarz, Puffy Tee, P Prime, and Andre Vibez. Benzi, who was part of Puffy Tee’s team, credited the mentorship programme for sharpening his craft and stage presence.

Speaking at the event, Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria, said the initiative reflects the company’s commitment to youth empowerment and cultural expression.

“The Next Afrobeats Star platform is about creating real opportunities for young Nigerians and giving their talent the structure, visibility, and support it deserves.

“Afrobeats continues to place Nigeria on the global cultural map, and MTN is proud to be enabling the next generation of artists who will take this sound even further,” she said.

She added that the finale was not just a competition but a celebration of growth and readiness for the global stage.

In his acceptance speech, Ayo Benzi described the victory as a defining moment in his career.

“A big thank you to MTN. From the audition days, the treatment MTN has given us has been amazing. God bless the brand,” he said.

The finale also featured guest performances by Afrobeats stars Iyanya and Bella Shmurda, adding glamour to the night and reinforcing the show’s connection to the wider music ecosystem.

With the successful conclusion of the season, MTN Nigeria and its partners reaffirmed their role in championing youth ambition, supporting creative industries, and shaping the future of Nigerian music through platforms that turn potential into opportunity.


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T2 Faces NCC Probe in Benue Over Major Service Outage in 9 LGAs

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T2, formerly known as 9mobile, is under investigation by the Nigerian Communications Commission (NCC) in Benue State for an undisclosed incident disrupting USSD, SMS, voice, and data services across nine local government areas.

T2 Faces NCC Probe in Benue Over Major Service Outage in 9 LGAs

T2

The affected areas include Ado, Agatu, Gwer East, Gwer West, Konshisha, Obi, Ohimini, Okpokwu, and Otukpo, as detailed in an advisory on the NCC Major Outages Portal, which tracks significant disruptions reported by Mobile Network Operators (MNOs) and Internet Service Providers (ISPs).

Neither T2 nor its public relations firm, Chain Reactions, has responded to inquiries on the outage’s cause or restoration efforts as of this report.

The NCC’s continued reference to the operator as 9mobile, months after its public rebranding to T2 in August 2025, has sparked questions about whether the name change was formally notified to the regulator.

This probe aligns with NCC mandates requiring operators to disclose major outages, their impacts, and timelines for fixes, with compensation obligatory for disruptions exceeding 24 hours under the Consumer Code of Practice Regulations.

Industry watchers note that such incidents, often linked to fibre cuts, power failures, or infrastructure faults, underscore ongoing challenges in Nigeria’s telecoms sector, particularly amid T2’s subscriber losses post-rebrand. NCC vows transparency via its portal to hold operators accountable and protect consumers.


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NCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation

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Nigerian Communications Commission (NCC) has unveiled two pivotal regulatory draft documents aimed at reshaping Nigeria’s communications sector over the next five years and fast-tracking deployment of ultra-high-speed wireless technologies.

NCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation

NCC

In a public notice dated December 19, 2025, and issued pursuant to its mandate under the Nigerian Communications Act (NCA) 2003, the Commission published the Draft 5-Year Spectrum Roadmap for the Communications Sector (2025–2030) and Draft Guidelines for the Use of the 60 GHz License-Exempt Band for Multi-Gigabit Wireless Systems.

Both documents are accessible on the NCC website for stakeholder review, with the roadmap outlining strategic spectrum planning, allocation, and management to optimise utilisation, support emerging technologies like 5G and IoT, expand broadband access, and align with global best practices.

The Spectrum Roadmap emphasises four core pillars: bridging the digital divide through low-band spectrum and satellite services, attracting investments via flexible licensing models, enhancing service quality with mid-band optimisation, and fostering innovation in areas such as direct-to-device connectivity and secondary spectrum trading.

It sets ambitious targets including universal 4G coverage nationwide, 50 per cent 5G penetration in state capitals, and average broadband speeds of 100 Mbps by 2030, while addressing rising data demand through band refarming and efficient management.

Complementing this, the 60 GHz Guidelines establish a license-exempt framework for the 57–66 GHz band, enabling multi-gigabit speeds up to 10 Gbps for short-range applications like WiGig, fixed wireless access, enterprise connectivity, urban broadband, and backhaul solutions.

The rules mandate NCC type approval for equipment, site registration for outdoor use, and interference mitigation measures, while prohibiting wide-area networks to safeguard primary users.

In line with Section 58 of the NCA 2003, NCC invites comments from industry operators, equipment manufacturers, consumer groups, and the public, with submissions due by Friday, January 16, 2025, via email to [email protected], [email protected], and [email protected].

The notice, signed by Mrs Nnenna Ukoha, Head of Public Affairs, stresses that stakeholder inputs will refine the frameworks to drive innovation, investment, competition, and sustainable growth in Nigeria’s telecoms ecosystem.


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