MTN Nigeria’s financial technology subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally begins operations.

Written by on May 20, 2022

Following the final approval for a Payment Service Bank (PSB) licence granted by the Central Bank of Nigeria (CBN), MTN Nigeria’s financial technology subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally began operations on Thursday.

MTN said this was after a successful experiment carried out on May 16, 2022, which was in remembrance of the launch of MTN’s Global System for Mobile Communications (GSM) operations and listing by introduction on the Nigerian Exchange Limited.

Also, in a stock market statement, Airtel Africa announced that its subsidiary; SmartCash PSB had started providing services through selected retail outlets with plans to expand across Nigeria in the coming months.

Airtel Africa secured a full Payment Service Bank licence from the Central Bank of Nigeria (CBN) through its subsidiary in April, having received an in-principle approval in 2021.

Kevin Madu


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