Banking Sector Monthly Report- November 2019.

On the 1st of November 2019, Flutterwave (a payment solutions company), joined the list of companies to be granted a Super-agent license, having secured an approval in principle from the CBN. Also, recall that MTN through its subsidiary, Yello Digital Financial Service (YDFS), was granted a full Super-agent license by the CBN in July, while other Telcos including Airtel, have signaled their intention to obtain this license. The gradual influx of players into this relatively untapped segment of Nigeria’s financial ecosystem indicates that competition is heating up, as these players seek to establish their presence and reap the benefits from providing financial services to Nigeria’s unbanked and underbanked populace. Kindly find attached the full report.

On the 1st of November 2019, Flutterwave (a payment solutions company), joined the list
of companies to be granted a Super-agent license, having secured an approval in principle
from the CBN. Also, recall that MTN through its subsidiary, Yello Digital Financial Service
(YDFS), was granted a full Super-agent license by the CBN in July, while other Telcos
including Airtel, have signaled their intention to obtain this license. The gradual influx of
players into this relatively untapped segment of Nigeria’s financial ecosystem indicates
that competition is heating up, as these players seek to establish their presence and reap
the benefits from providing financial services to Nigeria’s unbanked and underbanked
populace. Kindly find attached the full report.