Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Tech News

How MTN’s MoMo PSB will operate in Nigeria

Samson Akintaro by Samson Akintaro
May 20, 2022
in Tech News
NCC, MTN’s parent company faults regulator’s recommendation for data price reduction, MTN Nigeria reacts to poor internet as network issues go beyond Nigeria , MTN yet to renew Universal Access License- NCC
Share on FacebookShare on TwitterShare on Linkedin

MTN Nigeria yesterday announced the full commencement of its MoMo Payment Service Bank (PSB). This followed the approval of its licence by the Central Bank of Nigeria (CBN) in April this year.

Interestingly, the PSB model of banking has come as one of the easiest and most convenient ways to bank in Nigeria. As a PSB, MoMo can collect deposits and offer savings accounts to its consumers. Individuals and small enterprises are among their clients. It can also facilitate cross-border transfers through all of Nigeria’s available methods.

RelatedPosts

Why every organisation should develop cybersecurity culture – Experts

Twitter rolls out new features to enhance user experience

According to the guidelines of the Central Bank of Nigeria, the key objective of issuing PSB licenses is to boost financial inclusion, especially in rural areas and facilitate transactions.

How MTN MoMo PSB will operate

  • MTN will be permitted to use its technology and agency banking to mobilize deposits and enable transfers from unbanked consumers in rural regions and any other location in Nigeria where they exist.
  • It is expected to operate in rural areas and areas where Nigerians do not have bank accounts. This indicates that MTN expects to have at least 50% of physical access points (also known as kiosks) in rural areas.
  • MTN would start to deploy ATMs in some locations to enable Customers’ withdrawal of cash just like commercial banks.
  • However, the key contrast is that, whereas deposit commercial banks can provide loans and advances, MTN cannot.
  • Whilst many consider them a competition to banks, they actually are meant to complement the efforts of banks, since their deposits should also be placed with any bank of their choice.

How to open and fund the account

MoMo PSB makes its account opening simple as you can do that by just dialling *671# and inputting a 4-digit pin.

You can transfer money from another bank account into your MoMo PSB wallet by doing the following:

  • Go to your other bank app and choose ‘AccessYello and Beta’ as the bank name (Soon to be replaced by MoMo PSB)
  • Input your MoMo PSB number without the first 0 as account number, i.e. ‘8032001234’
  • You can also deposit money into your MoMo PSB wallet at MoMo agents.
  • You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent or transferring to other banks. The PSB currently has 166,000 active agents across the country.

What you can do on MTN’s PSB

As an individual, you can make purchases, pay bills, send, receive and save money in an affordable way. Your phone is your connection to your money when you transact with MoMo.

Business owners are also not left out. As a business owner, whether you are a small business looking for a mobile way to manage finances, or a big business looking for an easier way to pay staff salaries, MoMo PSB offers a range of solutions to increase efficiency and decrease your operating costs.

On your phone and app, you can:

  • Buy airtime & bundles
  • Pay bills
  • Save money
  • Collaboration: Request payments, create bills, upload invoices, and collect payments from your customers.
  • Disbursements: Pay suppliers, employees, or any groups of people with the MoMo Business bulk disbursement interface.
  • Financial Services: Financial loans and savings to accelerate your business growth.

Related

Tags: MTN MOMO

Comments 7

  1. Oluwasegun Temitope says:
    May 20, 2022 at 10:15 pm

    But how will I know that this platform is working well because now are days every one is creating different apps to make money.

    Reply
  2. ABUBAKAR ABDULLAHI says:
    May 22, 2022 at 12:13 pm

    that is very nice and useful to Nation of Nigeria

    Reply
  3. ABUBAKAR ABDULLAHI says:
    May 22, 2022 at 12:16 pm

    that is very nice and important to people of Nation of Nigeria

    Reply
  4. owa emmanuel says:
    May 23, 2022 at 4:05 pm

    This is very easier way and it was interesting.

    Reply
  5. JIBRIN BAkO says:
    May 29, 2022 at 10:03 pm

    Straight development in Nigeria

    Reply
  6. ISAH BABA ISAH says:
    June 6, 2022 at 9:15 pm

    MOMO MONEY

    Reply
  7. Haruna hassan says:
    June 8, 2022 at 10:31 pm

    I happy to get this oppng

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NGX resumes week on a bullish note with the market capitalization up by N139 billion
    • Why angry residents blocked Badagry highway
    • MultiChoice blames FX Challenges for ZAR367m loss in Nigeria

    Follow us on social media:

    Recent News

    Investors trade cautiously as stock market grows slightly by N2.2 billion

    NGX resumes week on a bullish note with the market capitalization up by N139 billion

    June 27, 2022
    Why angry residents blocked Badagry highway

    Why angry residents blocked Badagry highway

    June 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com