MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally launched operations yesterday after receiving final clearance for a Payment Service Bank (PSB) license from the Central Bank of Nigeria (CBN).
This comes after a successful pilot that began on May 16, 2022, in honor of MTN’s GSM operations beginning on May 16, 2001, and its listing by introduction on the Nigerian Exchange Limited on May 16, 2019, as well as a critical milestone in the company’s Ambition 2025 strategic targets.
Airtel Africa’s subsidiary SmartCash PSB also declared in a stock market statement that it has begun providing services through select retail shops, with ambitions to expand across Nigeria in the coming months.
After receiving in-principle permission in 2021, Airtel Africa acquired a complete Payment Service Bank license from the Central Bank of Nigeria (CBN) through its subsidiary in April.
MTN said a market activation took place yesterday in Marina, Lagos, where traders were shown how to start a MoMo wallet by dialing *671# on any network, send money to any mobile phone in the country, buy airtime/data, and pay bills.