MoMo payment Service Bank, owned by MTN Nigerian Communications Plc, has formally started operations with more than 166,000 active agents and digitized partnership infrastructure across the country.

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The mobile giant has given notice today to the Nigerian Exchange Limited that its fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations.

With more than 75 million subscribers, MTN is Nigeria’s largest telco by subscription and turnover. It has the widest network spread giving its mobile banking services a competitive edge in the market.

The telco, in a notice to Nigerian Exchange, said the development followed a successful pilot initiated on 16 May 2022 in commemoration of the launch of its GSM operations on 16 May 2001 and listing by introduction on the Nigerian Exchange Limited on 16 May 2019.

MoMo PSB “is poised to enable millions of unbanked and under-banked 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 digitizing cash payment.,” the notice said.

Adding: “Indeed, this is a key milestone in delivering the company’s Ambition 2025 strategic priorities.

“By dialing *671# on any network, customer can open a MoMo wallet, send money to 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”

According to CEO of MTN Nigeria, Karl Toriola, “We are grateful to the Central Bank of Nigeria for their support and guidance through the process.

“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 centers and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,”

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 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.”

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