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MTN Nigeria, a leading player in the telecommunications sector, is intensifying its commitment to fintech expansion through its mobile money subsidiary, MoMo Payment Service Bank (PSB). MoMo PSB has recently applied for two additional licenses: the Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses.
With these licenses, MoMo PSB plans to:
- Process payments in-house: Minimizing dependence on external providers, streamlining operations, and enhancing service delivery.
- Offer payment processing solutions to partners and merchants: Broadening its services to diversify revenue channels.
- Deploy and manage Point-of-Sale (POS) terminals: Facilitating a wider array of financial services for businesses and consumers.
These licenses will enable MoMo PSB to more directly compete with established fintech leaders in Nigeria’s payment processing space, including Interswitch and Flutterwave. In the POS market, it will challenge the presence of Moniepoint, Opay, and Palmpay.
This strategic initiative supports MTN Nigeria’s broader mission to promote financial inclusion across the country. Since launching MoMo in 2022, MTN has seen rapid growth in its user base, with over 5 million monthly active users and more than 324,000 merchants utilizing MoMoPay. The number of active mobile money wallets has also surged, reaching 5.3 million in 2023—a 163.2% increase.
Future Outlook
MTN Nigeria envisions MoMo PSB as the top fintech platform in Nigeria, aiming to attract 30-40 million active users by 2025. With its expanding service portfolio and commitment to digital inclusion, MoMo PSB is well-positioned to play a significant role in the future of financial services in Nigeria.
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