MTN Begins PSaB  Services In Nigeria

MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited,  has formally commenced PSB operations sequel to the recent approval of the service by the Central Bank of Nigeria (CBN).
The Network provider said, this follows a successful pilot initiated on May 16, 2022, which was in commemoration of the launch of its  GSM operations on May 16, 2001 and listing by introduction on the Nigerian Stock Exchange Limited on May 16, 2019.
It described the listing as  key milestone in delivering the company’s Ambition 2025 strategic priorities.
Also, in a stock market statement, Airtel Africa announced that its subsidiary, SmartCash PSB, had started providing services through selected retail outlets with plans to expand across Nigeria in the coming months.
Airtel Africa secured a full Payment Service Bank licence from the CBN through its subsidiary in April, having received an in-principle approval in 2021.
MTN informed that a market activation took place recently at Oke-Arin market in Marina, Lagos, where traders were shown how to open a MoMo wallet, by simply dialing *671# on any network.
It also hinted that the system allows subscribers the opportunity to  send money to any mobile phone in the country as well as buy airtime/data and as well,  pay bills.
The telecommunications firm said in addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment by digitising cash payment, MoMo wallets in the future will also enable account holders to receive inbound remittance from any country in the world.
With an expansive agent network of over 166,000 active agents and digitised partnership infrastructure, MTN claimed that MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.
Chief Executive Officer  of MTN Nigeria, Karl Toriola,  said the company was grateful to the CBN for its  support and guidance through the process.
Toriola noted that it was an important milestone for MTN Nigeria in its  mission to support the delivery of financial services to everyone in the country.
In his reaction, the MoMo PSB CEO, Usoro Usoro, noted that providing easy to use, accessible and affordable financial services to all Nigerians was  essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy.
Usoro said his firm was looking forward to playing its  part, saying that it was excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.
According to Airtel Africa, the licence allows it to deliver what it described at the time as a full suite of mobile money services.
Airtel Africa CEO, Segun Ogunsanya, pledged to revolutionise financial services in Nigeria and drive inclusion.