MoMo PBS Limited Formally Commmences Operations in Nigeria

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The MTN Group announced on Thursday that MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) formally commenced operations.

This comes after the company’s successful pilot test that was initiated on 16 May 2022 in commemoration of the GSM operations on 16 May 2001 and the company’s listing on the Nigerian Exchange Limited on 16 May 2019.

MoMo PBS currently has an agent network of over 166,000 active agents and digitised partnership infrastructure. The company says that MoMo PSB will continue to scale its agent network in order to reach Nigerians and remove friction from everyday payment by digitising cash payments.

In addition, the company says in the future MoMo wallets will allow Nigerians in the Diaspora to send money to any phone number in the country, which is an important feature given Nigeria’s ranking as the destination for the highest remittance flow in Sub-Saharan Africa.

Customers can access MoMo by dialing *671# on any network to send money to any phone number in Nigeria and pay their bills as well.

“We are grateful to the Central Bank of Nigeria for their support and guidance through the process,” said Karl Toriola, CEO of MTN Nigeria.

“This is an important milestone for Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria. Not just for those in urban centres and markets, but also people in rural and remote areas of the country who remain excluded from the financial system,” he said.

MoMo PSB CEO, Usoro Usoro said providing easy to use, accessible, and affordable financial services to all Nigerians is essential to executing CBN’s financial inclusion strategy and the 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,” Usoro said.


Edited by Zintle Nkohla 

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