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Home Companies Company News

MTN’s MoMo Payment Service Bank begins operation in Nigeria

Chidinma Anyalewechi by Chidinma Anyalewechi
May 19, 2022
in Company News, Tech News
MTN Group increases dividend by 10%

MTN Nigeria

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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.

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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.

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Tags: MoMo Payment Service BankNGXPSB
Chidinma Anyalewechi

Chidinma Anyalewechi

For further inquiries about this article, contact: Email: chidinma.anyalewechi@nairametrics.com LinkedIn: linkedin.com/in/chidinma-anyalewechi-a323ab173/

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Comments 13

  1. Jesse says:
    May 19, 2022 at 9:33 pm

    I try to register the app is showing me error

    Reply
    • Iscariot says:
      May 19, 2022 at 11:10 pm

      Dial the code before downloading the app.
      For now you may only use MTN lines to access the code and service.
      Subsequently it will be made available to all networks.

      Reply
      • Aliyu musa says:
        May 30, 2022 at 7:03 pm

        i appreciate being with the momo wallet for long time ago

        Reply
        • Gideon Loveday says:
          July 11, 2022 at 11:08 am

          How do you do it please
          I need help

          Reply
  2. Festus Carder says:
    May 20, 2022 at 2:43 pm

    It’s a good website

    Reply
    • Muhammed says:
      May 27, 2022 at 8:55 pm

      I need an account

      Reply
  3. Afula Thomas says:
    May 21, 2022 at 5:25 pm

    Thanks 😊

    Reply
  4. Aliyu Umar Kutigi says:
    May 25, 2022 at 4:45 am

    I dialed the number is keep showing “IT SEEMS YOU HAVE DIALED A WRONG CODE”

    Reply
  5. Aliyu Umar Kutigi says:
    May 25, 2022 at 4:49 am

    Is like the code has been change

    Reply
  6. Muhammed says:
    May 27, 2022 at 8:54 pm

    I need a help

    Reply
  7. Collins Nigg says:
    June 8, 2022 at 9:56 am

    Good to use

    Reply
  8. Fasanmi Babatope says:
    June 29, 2022 at 9:16 pm

    New idea is okay

    Reply
  9. Gideon Loveday says:
    July 11, 2022 at 11:06 am

    I want to create the Momo account how do I get started

    Reply

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