MTN kicks off payment service bank with zero transactions fees

MTN Nigeria Communications Plc’s fintech subsidiary known as MoMo Payment Service Bank (PSB) Limited has formally commenced operation, on May 19, 2022, following the commemoration of the launch of its GSM operations on May 16, 2022, where it marked its 21 years anniversary. Users of the MoMo service can make transactions at zero fee charge.

On April 8, 2022, the telecom provider received the final approval to operate as a PSB. PSB operators provide financial services through digital means to low-income earners and people that do not use banks or banking institutions for transactions.

Read also: MTN, Airtel’s jostle for 40m unbanked Nigerians intensifies

Following this development, MoMo PSB will enable millions of unbanked and underserved Nigerians to have access to a wide range of financial service products.

“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria. Not just for those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” Karl Toriola, CEO, MTN Nigeria, said.

The company said in a statement that it will continue to scale its agent network in order to reach Nigerians across the country and remove friction from everyday payment by digitising cash payments.

Presently, MoMo has an agent network of over 166,000 active agents and a digitised partnership infrastructure. By dialing *671# on any network, MTN says customers can open a MoMo wallet, send money to any phone number in the country and pay their bills.

Also, 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.

“Providing 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 partnering with relevant institutions across various sectors to expand access nationwide,” UsoroUsoro, MoMo PSP CEO, said.

Get real time updates directly on you device, subscribe now.