MTN’s MoMo Payment Service Bank begins operation in Nigeria

MoMo Payment Service Bank (PSB), the fintech subsidiary of MTN Nigeria Plc has commenced commercial operations in Nigeria.

The telecom giant notified its shareholders and the investing public of the commencement of operations via a corporate disclosure signed by the company’s secretary, Uto Ukpanah and filed with the Exchange (NGX).

This comes after a successful pilot initiated on May 16, 2022, in commemoration of the launch of the company’s GSM operations on May 16 2001, and the company’s listing by introduction on the Nigerian Exchange Limited on May 16 2019.

According to the disclosure, the fintech PSB is positioned to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products with an expansive agent network of over 166,000 agents and digitized partnership infrastructure.

The fintech PSB will be dedicated to eliminating frictions from everyday payment by digitising cash payments.

What they are saying

Speaking on the latest development, Karl Toriola, CEO of MTN Nigeria said, “This is an important milestone for MTN Nigeria in our mission to support government’s drive to towards financial inclusion in Nigeria. Not just for those in urban centers and markets, but also people in the rural and remote areas of the country who remain excluded from the Financial system”.

The CEO of MoMo PSB, Usoro Usoro, said “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide”.

• To get onboard the fintech service, customers can dial *671# on any network to open a MoMo wallet with which they can send money to any phone number in the country and pay their bills as well.
• Also, the MoMo wallet will enable Nigerians in the diaspora to send money to any phone number in the country, in the nearest future.
• According to the company, this is an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.