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MTN Nigeria Communications – Momo Payment Service Bank Limited formally commences operations

By Published On: May 20th, 2022Categories: Corporate announcement

MTN Nigeria Communications Plc (MTN Nigeria or the Company) hereby notifies the Nigerian Exchange Limited and the investing public that its Fintech subsidiary, MoMo PSB Limited, has Formally commenced commercial operations today. This follows a successful pilot initiated on 16 May 2022, in commemoration of the launch of our GSM operations on 16 May 2001 and our listing by introduction on the Nigerian Exchange Limited on 16 May 2019. Indeed, this is a key milestone in delivering the Company’s Ambition 2025 strategic priorities.

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 everyday payment by digitising cash payment.

By dialling *671# on any network, customers can open a MoMo wallet, send money fo any phone number in the country and pay their bills. In addition, MoMo wallets in the Future will enable Nigerians in the Diaspora to  send money to any phone number in the country, an important feature given Nigeria’s ranking as the destination For the highest remittance inflow in Sub-Saharan Africa.

“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 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,” 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.”

Uto Ukpanah
Company Secretary
MTN Nigeria Communications PLC


MTN Nigeria Communications Plc (MTN.ng)

Share price: 200.00 NGN (-1.00 | -0.50% – 11/08/22)

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