Nigeria's largest telecoms operator, MTN, has been granted a licence to allow it to provide financial services, reports Quartz news site.

Quartz journalist Yomi Kazeem reports that it is the first step in MTN’s plans to roll out mobile money services in Nigeria.

Kazeem predicts this will be a major shake up in the market for transferring funds via your phone, adding that the company has a pool of 67 million users in Nigeria.