YESTERDAY, the MTN Group announced that MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB), has formally kicked off its operations in Nigeria.
The official commencement of operation comes at the heels of the company’s successful pilot test launched on 16 May 2022 in commemoration of its 21st anniversary – having commenced the process in Nigeria on 16 May 2001 and its listing on the Nigerian Exchange Limited on 16 May 2019.
MoMo PBS currently boasts an agent network of over 166,000 active agents and a digitized partnership infrastructure. MoMo PSB plans to continuously scale its agent network to reach Nigerians and remove friction from regular payment by digitizing cash payments.
The company says that MoMo wallets will allow Nigerians in the Diaspora to send money to any phone number in the country in the nearest future, which is desirable considering Nigeria’s status 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.
Karl Toriola, CEO of MTN Nigeria, expressed the company’s gratitude to the nation’s apex bank for its support, “We are grateful to the Central Bank of Nigeria for their support and guidance through the process.”
“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 centers 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 Minister of Communications and Digital Economic’s digital inclusion plan.
“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.