Prime Bank FinTech gets central bank nod to operate MFS

Prime Bank FinTech Limited, a subsidiary of Prime Bank, has been awarded a licence to operate its own brand of mobile financial services (MFS) in the country, according to a press release.
With this regulatory approval, Prime Bank FinTech Limited is set to reshape the country's digital financial ecosystem by addressing the vast untapped spaces. The goal is to move beyond traditional competition and foster a collaborative market environment that prioritises financial literacy and inclusive growth.
Through the operation of an MFS, the bank aims to bridge the gap for the unbanked and empower every individual to navigate cashless economy with confidence and security.
Prime Bank FinTech Limited will operate its MFS under a dedicated brand identity. The brand will work closely with regulators, partners and stakeholders to ensure compliance, operational excellence and a seamless customer experience as it prepares for its formal launch.