MTN Digital Bank (MoMo PSB) Begins Full Operation

Earlier this month, it was revealed that MTN Nigeria had received final authorisation from Nigerian regulators to operate a payment service bank, MOMO PSB, which has now officially commenced operations.

MTN Digital Bank (MoMo PSB)

The permit allows the payment unit to provide various services normally provided by commercial banks, with the noteworthy limitations of not granting credit and not processing foreign exchange transactions. On Thursday, MoMo Payment Service Bank (Momo PSB) launched commercial operations.

“This is an important milestone for MTN Nigeria in our mission to support the government’s drive towards financial inclusion in Nigeria,” said MTN Nigeria’s CEO Karl Toriola.

“Not just for those in urban centres and markets, but also people in rural and remote areas of the country who remain excluded from the financial system,”

MTN Group Limited, the Johannesburg-based parent company of MTN Nigeria, has valued its fintech business at $5 billion, which is approximately double the valuation of Airtel Africa, which was $2.65 billion a year ago.

“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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