THUR, 19 MAY, 2022-theGBJournal |MoMo PSB Limited, the fintech subsidiary of telecoms giant, MTN Nigeria Communications Plc (MTN), today announced the commencement of commercial operations in Nigeria, following successful pilot initiated on 16 May 2022 and the listing of MTNN on the Nigerian Exchange Limited on 19 May 2019.
‘’With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products,’’ MTN said, adding ‘’ MoMo PSB will continue to scale its agent network in order to reach Nigerians across the country and remove friction from everyday payment by digitising cash payment.’’
The CEO of MTN Nigeria Karl Tariola said ‘’we are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process. This is an important milestone for MTN Nigeria in our mission to support 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.’’
According to MTN, customers can open a MoMo wallet by dialing *671# on any network, send money to any phone number in the country and pay their bills.
‘’In addition, 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-Sahara Africa,’’ MTNN said.
According to MoMo PSB CEO, Usoro Usoro, ‘’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 are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.’’
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