MoMo Payment Service Bank (PSB) formally commences operations

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

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.

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

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.