MTN Nigeria’s MoMo PSB Kicks Off, After Successful Pilot

The board of MTN Nigeria Communications Plc, on Thursday said its financial technology (FinTech) subsidiary- MoMo Payment Service Bank Limited has formally commenced operation, following the successful pilot initiated on May 16, 2022.

That date, the company explained, icommemorates the 21st anniversary years of the launch of its GSM operations in 2001, and the third anniversary of the listing by introduction on the Nigerian Exchange Limited in 2019, besides being a key milestone in delivering the company’s ambition 2025 strategic priorities.

With its expansive agent network of over 166,000 active agents and digitized partnership infrastructure, the statement by MTN Nigeria said MoMo PSB “is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.

The PSB, it assured, will continue to scale its agent network to reach Nigerians across the country, removing friction payment by digitizing cash payment through opening of MoMo wallet for sending money to any phone number in the country, and paying bills.

As part of its plans, MTN Nigeria assured that MoMo wallets will in the future enable Diaspora Nigerians send money to any phone number in the country, enhancing the country’s ranking as the destination for the highest remittance inflow in sub-Saharan Africa.
A statement by Uto Ukpanah, the company secretary, quoted Karl Toriola, Chief Executive Office of MTN Nigeria, as expressing the CBN “for their support and guidance through the process. This is an important milestone for MTN Nigeria in our mission to support government’s drive towards financial inclusion in Nigeria. Not just for those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system.”

According to Usoro Usoro, CEO of MoMo PSB, “providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy.”

MoMo PSB, Usoro continued, is excited about the opportunities to partner relevant institutions across various sectors, and looks forward to playing its part in co-creating and expanding access nationwide.