MTN Nigeria’s Fintech Subsidiary, MoMo PSB Commences Operations

MTN Nigeria has announced that MoMo PSB, its fintech subsidiary has commenced its operations on May 19th 2022.

MTN Nigeria Communications Plc has announced a notification to the Nigerian Exchange Limited and the investing public that its Fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations on 19th May 2022. This follows a successful pilot initiated on 16 May 2022, commemorating the launch of our GSM operations on 16 May 2001.

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 continue to scale its agent network in order to reach Nigerians across the country and remove friction from regular payments by digitizing cash payments.

We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process. This is an important milestone for MTN 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 the ruraI and remote areas of the country who remain excluded From the financial system.

Karl Toriola, CEO, MTN Nigeria

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.

Usoro Usoro, CEO, MoMo PSB

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