The Mobile Money (MoMo) payment service bank (PSB) has begun commercial operations in Nigeria.
The telco informed its shareholders and the general public about the new development via a corporate declaration signed by the company’s secretary, Uro Ukpanah.
This follows a successful pilot that began on May 16, 2022, in honor of the company’s GSM activities beginning on May 16, 2001, and its listing by introduction on the Nigerian Exchange Limited on May 16, 2019.
On Thursday, May 19, 2022, a market activation took conducted at an ok-Arin market in Marina, Lagos, where merchants learned how to open a MoMo wallet by dialing *671# on any network, send money to any mobile phone in the country, buy airtime/data, and pay bills.
This, according to MTN Nigeria, is a critical step towards achieving the company’s Ambition 2025 strategic goals. With an extensive agent network of over 1666,000 agents and a digitalized partnership infrastructure, the fintech payment service bank (PSB) is positioned to enable millions of unbanked and underserved Nigerians to access a comprehensive range of financial service products.
MoMo, PSB will expand its agent network to serve Nigerians across the country, according to Toriola, by providing a wide range of payment options and removing friction from routine payment.
According to Usoro Usoro the CEO of MoMo PSB, ” providing an 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.”
Furthermore, the telco claims that in the future, MoMo wallets would allow Nigerians with accounts to send and receive money from any country in the world, “an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa”.
MTN Nigeria previously stated that its steps toward final approval of its license were contingent on the fulfillment of certain requirements set by the Central Bank of Nigeria (CBN). With the bank’s license, MTN Nigeria would be able to offer a broader range of mobile financial services, including loans and bill payment, in addition to the regular person-to-person mobile money transactions.
MTN Nigeria’s CEO, Karl Toriola, has remarked that:
“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 the delivery of financial services to everyone in Nigeria. Not just those in urban centres and markets, but as well people in rural and remote areas of the country who remain excluded from the financial system”.
The MoMo bank will expand its already thriving fintech division, which is quickly becoming its most profitable industry.
For the first three months of 2022, MTN Nigeria’s fintech revenue increased by 46.7 percent in the most recent reporting period, attributable to increased use of fintech services and a larger user base.
MTN’s MoMo agent network has grown even more, now totaling over 800,000 registered and active agents across the country.
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