CBN Grants Airtel Africa Licence to Operate as Super Agent

Kayode Tokede

Airtel Africa Plc yesterday said it has been granted approval-in-principle by the Central Bank of Nigeria (CBN) to operate as a super-agent in Nigeria.

The company in a statement on the Nigeria Exchange Limited (NGX) said Airtel Mobile Commerce Nigeria, its subsidiary will operate the agent banking licence.

The super-agent approval was granted a week after the telecommunication company received the apex banking regulatory body approval to operate a payment service bank (PSB) via Smartcash Payment Service Bank Limited.

Super agents are companies approved by CBN to recruit agents for agency banking, such as financial services within communities on behalf of banks to deepen financial inclusion.

The company in the statement explained further that: “The super agent licence is distinct from the Payment Service Bank (PSB) licence for which it received approval in principle on 4 November 2021.

“The PSB licence is required for Airtel to be able to provide financial services in Nigeria such as accepting cash deposits and carrying out payments and remittances, issuing debit and prepaid cards, operating electronic wallets, and rendering other financial services.

“Under the super agent licence we would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.

“Final approval of the super agent licence is subject to the Group satisfying certain standard conditions.”

The Chief Executive Officer, Airtel Africa, Segun Ogunsanya in a statement had said: “I am very pleased that Smartcash has been granted an approval in principle to operate a service bank business in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the operating licence and commence operations.

He added that: “The final operating licence will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services.

“I am looking forward to working closely with the Government, the Central Bank and traditional financial institutions to expand financial inclusion and meet the evolving needs of our customers and the economy.“