Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • Empowering The Displaced: NITDA, NCFRMI Strengthen Alliance For Digital Inclusion
  • Nigeria’s Digital Future Gets Feminine Edge As NITDA Champions Women In AI
  • Nigeria Customs Warns Public Over Rising Online Scams Impersonating Officials
  • Nigeria Launches $11.2m Innovation Hub With Japanese Support To Drive Tech Growth
  • Access Holdings Reaffirms Financial Strength Amid CBN’s Regulatory Forbearance Directive
  • ALTON Clarifies New USSD Billing Policy, Confirms Direct Charges To Subscribers From June 18
  • Otti Receives Winners Of Civic Connect Hackathon, Directs Integration Of Youth Innovation Into Abia ICT Platform
  • Konga Health Sparks Nationwide Rush With 50% Discount On L’Oréal Products
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » MTN’s MoMo Payment Service Bank Formally Commences Operations
FINANCE

MTN’s MoMo Payment Service Bank Formally Commences Operations

Our REPORTERBy Our REPORTER20 May 2022No Comments3 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
MOMO PSB
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

Following the final approval for a Payment Service Bank (PSB) license granted by the Central Bank of Nigeria (CBN), MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally commenced operations Thursday.

This follows a successful pilot initiated on 16 May 2022, in commemoration of the launch of its GSM operations on 16 May 2001 and its listing by introduction on the Nigerian Exchange Limited on 16 May 2019.

MTN described the latest development as “indeed, a key milestone in delivering the Company’s Ambition 2025 strategic priorities.”

A market activation took place Thursday at Oke-Arin market in Marina, Lagos, where traders were shown how to open a MoMo wallet, by simply dialing *671# on any network, and send money to any mobile phone in the country as well as buy airtime/data and pay bills.

Digital Times Nigeria understands that in addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment by digitising cash payment, MoMo wallets in the future will also enable account holders to receive inbound remittance from any country in the world, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.

With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.

MoMo PSB will scale its agent network to reach Nigerians across the country, providing a wide range of payment services, and removing friction from everyday payment by digitising cash payment.

READ ALSO  Verdant Capital Raises $10m Of Debt Funding For Zeepay

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

“This is an important milestone for MTN Nigeria in our mission to support the delivery of financial services to everyone in Nigeria. Not just 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,” he added.

MoMo PSB CEO, 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 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.”

The Iyaloja of Ifedapo Market, Oke Arin, Mrs. Fausat Akinolu after sending money through her MoMo Wallet said, “I just sent money to my friend, Iya Ibeji, using just her phone number and the process was seamless.

“MoMo PSB is indeed better than cash and I want everyone to know that they can just dial *671# to open their own wallet.”

The CBN introduced PSB to cater to financially excluded communities. MoMo PSB was granted final approval by the CBN in April 2022.

#MoMo #MoMo PSB #MTN #Operations Featured Finance
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleEngr. Gbenga Adebayo To Review ‘Sagacity Of A Digital Revolution’
Next Article Skaleet, Mobiblanc Ink Deal To Provide Cutting-Edge Technology For Banks Across Africa
Our REPORTER
  • Website

Related Posts

MTN, Meta Partner To Enhance Voice And Video Calling Quality

15 April 2025

MTN Pays Tribute To Its MTN Nigeria Founding Chairman, Dr. Pascal Gabriel Dozie

9 April 2025

MTN Continues Media Innovation Programme, Calls For Applications For Cohort 4

25 March 2025

MTN Board: Between Sentiment And The Law

14 March 2025

Ember Month Financial Impact Hangout Holds In Ikeja On October 13

11 October 2024

X To Close Operations In Brazil Due To Judge’s Content Orders

19 August 2024

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

Empowering The Displaced: NITDA, NCFRMI Strengthen Alliance For Digital Inclusion

21 June 2025

Nigeria’s Digital Future Gets Feminine Edge As NITDA Champions Women In AI

21 June 2025

Nigeria Customs Warns Public Over Rising Online Scams Impersonating Officials

21 June 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG. Designed by Max Excellence LLC.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.