MTN Nigeria Communications PLC (MTN Nigeria) has announced the successful acquisition of the remaining 7.17% minority shareholding in MoMo Payment Service Bank Limited (MoMo PSB) from Acxani Capital Limited. This transaction results in MoMo PSB becoming a wholly-owned subsidiary of MTN Nigeria.
The management of MTN Nigeria believes that this acquisition will streamline and enhance the operations of MoMo PSB, a move deemed essential for the bank to achieve its ambitious growth targets. By fully integrating MoMo PSB, MTN Nigeria aims to bolster its position in the financial services sector and drive further innovation and expansion in its mobile money operations.
