MTN Nigeria has announced plans to merge its two businesses, MoMo PSB and Yello Digital Financial Services. The proposal to merge the two companies is scheduled to be discussed during the company’s next Annual General Meeting (AGM) to be held on the 18th of April, 2023.
MTN’s Yello Digital Financial Services, a subsidiary of MTN Nigeria, is a financial service provider in agency banking and super-agent operation.
MoMo PSB, on the other hand, is a Payment Service Bank granted CBN approval in 2022 to leverage mobile and digital channels to enhance financial inclusion and stimulate economic activities at the grassroots through the provision of financial services.
Read also: MoMo PBS Limited Begins Operations in Nigeria
The MTN Nigeria board of directors, in a press statement said: “the two of the company’s subsidiaries (MoMo PSB and YDFS) will be merged and integrated to form one company, which will hold the Payment Service Bank license granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities.
It is anticipated that the merger will enhance the value for the company and its shareholders.”
MTN Nigeria, PAU Begin Media Innovation Programme 2
Meanwhile, MTN Nigeria Communications Plc and Pan-Atlantic University have officially opened applications for the Media Innovation Programme (MIP) for the year 2023.
This is the second edition of the programme, launched in 2022, to assist media practitioners and promote understanding of the continuously evolving media landscape.
The company announced that the proposed merger would hold the Payment Service Bank (PSB) licence granted by the Central Bank of Nigeria (CBN) and will also be capable of performing super-agent services and other permissible activities.
The six-month, fully funded certificate fellowship includes a study visit to the University of Witwatersrand, South Africa and an innovation hub to incubate ideas. It is open to media practitioners across print, electronic, online platforms and social media content creators.
Speaking on the impact of the Media Innovation Programme, MTN Nigeria CEO, Karl Toriola said: “the media is a crucial contributor to a thriving nation. Enhancing their skill set will benefit society at large. Through the Media Innovation Programme, we want to continue empowering media practitioners. Enabling them to report at an elevated level combining innovation with solution-oriented media practice to benefit their readers.”
The vice chancellor, Pan-Atlantic University, Professor Enase Okonedo, said: “at the Pan-Atlantic University, we provide training that will enable our students to uphold the highest intellectual, ethical and professional values in their professional and everyday endeavours.
“The MTN Media Innovation Programme is a melting pot of sessions and discussions promoting creative thinking, technology-forward practices, and honesty that enable participants to continue practising with journalistic integrity.”
After successfully reviewing applications, 20 professionals will join the 2023 MIP cohort. The multifaceted programme will provide an opportunity to explore Nigeria’s technology sector and the nexus between media and technology. It will also equip them with the skills to adapt to our changing realities.
Fellows will also have access to professional resources and mentorship from PAU’s erudite faculty. Interested journalists and bloggers can apply for the programme at https://mtnmip.smc.edu.ng/.