Nigeria: MTN Nigeria’s MoMo PSB Boosts Financial Inclusion with New Cross-Border Remittance and Gift Card Services

MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB), has launched cross-border remittance services, enabling customers in Nigeria to send money easily to 13 African countries, including Benin Republic, Cameroon, Côte d’Ivoire, and Zambia, while also allowing users to receive funds from six countries, such as South Africa and Rwanda. Available on the MoMo app and USSD channels, this service is designed to simplify support for families and businesses across borders.

The new remittance service lets users instantly send and receive funds with automatic currency conversion for recipients. Senders incur a low 3% transaction fee and are informed of the exchange rate upfront, making the service both transparent and cost-effective. Customers can access the feature by logging into their MoMo account, selecting ‘Transfer to Africa,’ or dialing 67113# from their registered number.

To support higher transaction volumes, MoMo offers account upgrades to Tier 2 via a self-service feature on the app or by dialing 67182# for BVN linking, with a Tier 3 upgrade available through MoMo’s helpdesk at *671# for even greater daily limits.

Alongside remittances, MoMo has introduced a Gift Card service, allowing users to purchase international e-vouchers for online shopping and payments directly from their accounts. Accessible via the MoMo USSD channel *671#, this feature enhances the ease of global transactions, underscoring MoMo’s commitment to inclusive digital payment solutions.

“This marks a significant milestone in advancing financial empowerment, reducing trade barriers, and bridging financial gaps within African nations,” said Phrase Lubega, Acting CEO of MoMo PSB. “Our customers can now transact across borders more easily and use our Gift Card service for various international payments, enhancing convenience and accessibility.”

Since receiving its operational license in May 2022, MoMo PSB has prioritized affordable, accessible financial services. These new offerings strengthen MoMo’s role in fostering financial inclusion across Africa, promoting economic growth and facilitating intra-continental trade.