MTN Nigeria communications’ fintech subsidiary, named MoMo Payment Service Bank (PSB) Limited has formally commenced operations on May 16th, starting off on its 21st year of operation as a GSM in the country, the day it initiated the MoMo PSB idea and also coinciding with the attainment of three-year listing on the Nigeria Exchange Limited.
May 16, according to Uto Ukpanah, the company secretary, is a key milestone in delivering the company’s ambition 2025 strategic priorities.
MoMo too off with an expansive agent network of over 160,000 active agents and digitized partnership infrastructure to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.
Ukpanah said Momo will continue to scale its agent network in order to reach Nigerians across the country and remove friction from everyday payment by right-wing cash payment.
To access MoMo’s service, customers are expected to dial *671# on any network to open a MoMo wallet, send money to any phone number in the country and pay their bills. In addition, Momo wallets in the future, according to the company, 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.
Karl Toriola, the CEO, of MTN Nigeria, expressed gratitude to the Central Bank of Nigeria (CBN) for their support and guidance through the process.
“This is an important milestone for MTN in 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 for 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 and the digital inclusion agenda of the Communication and Digital Economy minister. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various to co-create and expand access nationwide.