MoMo PSB, SMEDAN partner to boost financial access for SMEs

MoMo Payment Service Bank (PSB), the fintech subsidiary of MTN Nigeria, has entered into a strategic partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to equip small and medium-scale enterprises with digital and financial tools.

The Memorandum of Understanding (MoU), signed on Wednesday at MoMo PSB’s head office in Victoria Island, Lagos, will give SMEDAN-registered businesses access to MoMo PSB’s suite of digital solutions across mobile apps, point-of-sale terminals, USSD channels, partner portals, and other customised platforms.

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Under the arrangement, SMEs will be able to accept payments through multiple channels, pay staff salaries, manage bills, and oversee various business locations from a single integrated system, a move expected to ease operational bottlenecks and support formalisation within the SME ecosystem.

The partnership comes as MoMo PSB continues to record strong growth in Nigeria’s fast-expanding fintech sector. The company disclosed in its unaudited financial statement that its active wallets have risen to 2.9 million, while revenue surged by 72.5 percent.

MoMo PSB’s on-the-ground expansion has been particularly notable, with the number of active agents jumping by 73.6 percent and merchants increasing by 42.6 percent.

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The fintech unit’s momentum has also been supported by rising interest income from customer deposits, which increased by 80.5 percent, adding to MTN Nigeria’s broader financial performance. The telecoms giant recently reported total service revenue of N3.7 trillion and a profit after tax of N750.2 billion, marking a strong recovery in profitability.

MoMo PSB said the rapid deployment of agents and merchants is central to its financial inclusion drive, bringing digital financial services closer to individuals and small businesses that remain outside the formal banking system.

The company noted that it is deepening financial inclusion in underserved communities through our MoMo agents and merchants, a strategy that aligns with national efforts to expand access to finance and support small business growth.