Why we restored financial services channel — MTN

Why we restored financial services channel — MTN


MTN Nigeria has shed more light on the negotiations that trailed the suspension and restoration of digital banking services last week.

In a statement yesterday, the telecom giant said it would revert to its previous cost of sales structures with banking partners until a new long-term agreement can be reached on a sustainable pricing structure going forward.

According to the statement, “Following the temporary suspension of sales of MTN products through our banking channel partners on April 2, 2021, services were restored on Sunday, April 4, 2021 with customers able to access all services. This was agreed on the basis that MTN would revert to its previous cost of sales structures with banking partners, until a new long-term agreement can be reached on a sustainable pricing structure going forward.

“Consequent on the intervention of the Minister of Communications and Digital Economy, the Nigeria Communication Commission and the Central Bank of Nigeria, since April 6, 2021, MTN has been participating in a series of meetings to align on longer-term pricing structures. We will provide a further market update once these discussions have been concluded.

“The streamlining MTN undertook is an international standard and best practice as the scale is built along distribution channels. We are confident that partners in the banking sector will work with us to ensure this process concludes as quickly as possible to the benefit of the entire industry.”

 

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