MTN Nigeria Activates MoMo Payment Service Bank (MoMo PSB)

MTN Nigeria Activates MoMo Payment Service Bank (MoMo PSB)

In the mission to support the delivery of financial services to everyone in Nigeria, MTN Nigeria initiated MoMo PSB.

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, send money to any mobile phone in the country as well as buy airtime/data and pay bills.

MoMo PSB ,with an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, is poised to enable millions of unbanked and underserved Nigerians to access a wide range of  financial service product. MoMo PSB will scale its agent network to reach Nigerians across the country, providing a wide range of payment services, and remove friction from everyday payment by digitising cash payment.

CEO ,MTN Nigeria, Karl Toriola said,
“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 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,”

CEO ,MoMo PSB, Usoro Usoro added,
“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.”