MTN plans to launch cash withdrawal, deposit and more on fintech platforms to widen their spectrum of services. MTN Nigeria, the largest mobile telecommunication firm in the country, on their quest to be the best among competitors, they work every day to make life brighter for their customers, colleagues, their communities, and the countries they operate in.
Recently, MTN revealed plans to widen its fintech service offering from basic transfer service and airtime/data sales to a more extensive bouquet, including cash deposit and withdrawal services, bill payments and facilitating -e-commerce.
MTN foray into the fintech space has often been viewed as a game-changer in a very competitive and dynamic fintech space. With its huge balance sheet and brand power, the company has a large cash pile that it can throw into space.
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MTN innovative idea has posed a threat to banks generally. In an interview in April 2019, Fidelity Bank CEO, Nnamdi Okonkwo made this point clear when he said,
You know it has been a prolonged push by the telecommunications companies to come into the banking space. We don’t have a problem with that. Let them be subjected to the same regulatory conditions that we have because you are talking about depositors’ money. So, once all of us are subject to regulatory control, we will all do banking together. I think the sky is big enough and as banks, we are not sleeping, that is why you see some of us deepening our digital platforms.
MTN innovative idea into the fintech space has posed pressure around fintech based industries as some of these companies believe they do not have an equal playing field. For example, MTN technological assets give it more advantages and access to customers through mobile while banks are still expected to retain physical branches increasing its cost of operations.
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