MTN Nigeria Communications Plc (NGX: MTNN) says that its fintech subsidiary, MoMo PSB Limited, has formally commenced commercial operations.
MoMo PSB commenced operation on Thursday, May 19, 2022. The telecommunication giant disclose this in a document published on the Nigerian Exchange.
It said that MoMo PSB’s commencement of operations follows “a successful pilot initiated on 16 May 2022, in commemoration of the launch of our GSM operations on 16 May 2001 and our listing by introduction on the Nigerian Exchange Limited on 16 May 2019. Indeed, this is a key milestone in delivering the Company’s Ambition 2025 strategic priorities.”
“MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.
“By dialing *671# on any network, customers can open a MoMo wallet, 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-Saharan Africa.”
Commenting on the development, Karl Toriola, CEO of MTN Nigeria 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 MTNNigeria 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,” he added.
The share price of MTNN is down 7.78% at N249.00 per share on the floor of the Nigerian Exchange at the time of this report.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.