Unlocking Digital Inclusion: S.Mobile and MTN Nigeria Partner for
Kindly share this postIn a move that promises to revolutionize access to digital services and financial inclusion for millions of Nigerians, S.Mobile has joined forces with MTN Nigeria. This strategic partnership focuses on the distribution of MTN''s MoMo Payment Service Bank (PSB) and data bundles, offering a seamless gateway to financial services and connectivity.
Understanding MTN Nigeria''s Payment Service Bank (PSB) License
On April 11, 2022, the Central Bank of Nigeria granted MTN Nigeria final approval to operate a Payment Service Bank. A little over a month later, Nigeria''s largest telecommunications provider launched its MoMo Payment Service Bank (PSB) to the public, allowing its Nigerian customers create accounts, pay bills, send and receive money, and more
REGULATION OF FINTECH IN NIGERIA: DIFFERENCE BETWEEN
By Seun Timi-Koleolu and Eustace Aroh DOWNLOAD PUBLICATION . In our February 3, 2020 article, we had written on the differences between a Mobile Money Operator (MMO) license, a Payment Service Bank (PSB) license and a Microfinance Bank (MFB) license.The article was aimed at supporting Fintechs in determining which of the existing
Guidelines For Operating A Payment Service Bank In Nigeria
In an effort to promote financial inclusion and enhance access to financial services by small businesses, low income earners and the unbanked segments of the society, the Central Bank of Nigeria (CBN) in October 2018, issued the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria (the "Guidelines").
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Nigeria signs $1.2bn deal with China to revive Akwa Ibom gas
Beyond aluminium production, the revived plant is expected to generate up to 540 megawatts of electricity, enhancing Nigeria''s energy supply, which is essential for the country''s industrial growth.
MoMo PSB and NASME partner to Empower Small Businesses
MoMo PSB, in collaboration with the Nigerian Association of Small and Medium Enterprises (NASME), recently convened a two-day symposium and exhibition in Lagos State dedicated to empowering nano and small businesses. Held at the Landmark Center Lagos on November 17 and 18, 2023, the event brought together various SME
The rise of telco Payment Service Banks (PSB) in Nigeria and the
Data enrichment can also help Banks with reactivating dormant accounts, which according to data from the Nigeria Inter-bank Settlement System (NIBSS), reports that the number of bank accounts as at December 2021 stood at 133.5 million, out of which no fewer than 69 million individual accounts are dormant. Some of these customers are probably transacting
CENTRAL BANK OF NIGERIA BANKS IN NIGERIA
The promoters of a PSB shall be required to submit a formal application for the grant of a Payment Service Bank licence addressed to the Governor of the CBN. The promoters of a PSB shall make a formal presentation of the proposal to the Director, Financial Policy and Regulation Department (FPRD), CBN. The
MTN Nigeria buyout minority shareholders in MoMo PSB for
MTN Nigeria Communication Plc has announced on the Nigerian Exchange Limited (NGX) that it has completed MoMo Payment Service Bank Limited''s minority shareholders buyout . According to WESTERN POST findings, the transaction worth estimated N6.95 billion. MoMo PSB is the fintech solution of MTN Nigeria which was licensed in 2022 by the CBN.
Ounjè Èkó: MoMo PSB joins Lagos to promote food security
MoMo PSB has renewed its partnership with the Lagos state government to roll out the second phase of its Food Discount Markets ''Ounje Eko'' initiative, to promote food security and financial inclusion. In March 2024, the Lagos State Government rolled out the first phase of this initiative to alleviate the economic burden on residents by
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Link your NIN and BVN to your account and stay connected Link now Link your NIN and BVN to your account and stay connected Link now Driving financial inclusion for all Our goal is to ensure easy access to financial services from anywhere Know more Nigeria''s top payment innovator. Download Bank9ja app for simplified finances, []
PAYMENT SERVICE BANKS (PSB) In Nigeria
In August 2020, the Central Bank of Nigeria issued a guideline for granting a license of PSB in Nigeria. The main objective is to enhance financial inclusion by increasing access to deposit products and payment/remittance services to small businesses, low-income households, and other financially excluded entities through high-volume, low-value
MTN Nigeria acquires minority stake in MoMo PSB for N6.95bn
The CBN granted a licence to MTN Nigeria''s fintech solution, MoMo PSB, in 2022. Acxani Capital owned 20% of the company, while MTN Nigeria owned 80% of it. In May 2024, Acxani suggested selling their 20% ownership in MoMo; however, the stake was reduced to 7.17%. Acxani Capital and MTN Nigeria reached a N6.95 billion deal for the 7.17% share.
Nigeria: MTN MoMo PSB Reports 5.3 Million Active Wallet Users
MTN Nigeria has announced that its MoMo Payment Service Bank (PSB) achieved a milestone with 5.3 million active wallet users on its platform as of December. (PSB) license from the Central Bank of Nigeria in 2022, enabling MoMo to collect deposits, offer savings accounts, and facilitate cross-border transfers, contributing to the nation''s
MoMo PSB poised to compete with OPay, Paystack
MTN Nigeria''s MoMo Payment Service Bank (PSB) is making a major move in Nigeria''s fintech scene by applying for two new licences: Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP).. This move is a rare one, as PSBs like MoMo usually have limited licences. With these new additions, MoMo PSB can offer several
MTN Nigeria Fully Acquires MoMo PSB in N6.95 Billion Deal
MTN Nigeria has acquired the remaining 7.17% stake in MoMo Payment Service Bank (MoMo PSB) from Acxani Capital for N6.95 billion, making MoMo PSB a wholly-owned subsidiary. This purchase, disclosed on the Nigerian Exchange (NGX) website, followed Acxani''s proposal to sell their 20% stake in May 2024, which had been diluted to 7.17%. The total
Lagos State Government, MoMo PSB Partners to Combat Food
Kindly share this postIn response to the rising food prices and economic challenges, Lagos State has initiated a strategic partnership with MoMo PSB through the Lagos Fresh Food Hub. This initiative is a direct effort by the state government to provide relief to households by improving access to affordable and nutritious food options. Located in []
TotalEnergies Tips Renewables to Meet Nigeria''s Rising Energy
Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria, the Federal Capital Territory and around
The potential of payment service banks (PSB) in
The Central Bank of Nigeria (CBN) has issued laws and guidelines for the licensing and operation of payment service banks (PSB) in Nigeria. This is in line with the central bank's initiatives to use technology
MTN Nigeria''s MoMo PSB seeks new licenses to expand digital
MTN Nigeria, the country''s largest telecom operator, has applied for two new licenses for its fintech arm, MoMo PSB, aiming to broaden its digital payment capabilities in Nigeria.. The Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses signal MTN''s deeper commitment to the fintech space, positioning
MTN MoMo PSB''s active wallet users hit 5.3 million in 2023
These underpinned the growth in the active user base of the company''s digital services, with rich media subscriptions excluding Ayoba up by 57.2% to approximately 8 million.. MTN''s instant messaging platform, Ay oba, recorded a 65.6% growth to 8.6 million active monthly users. " We continue to drive the onboarding of new partners within our digital ecosystem and
MTN Nigeria buys out minority shareholder in MoMo PSB
MoMo PSB''s growth in Nigeria At the end of the second quarter of 2024, it was reported that MoMo PSB''s active wallet hit 5.5 million, reflecting an increase of 701,000 from the first quarter. In the first half of 2024, MoMo PSB recorded a revenue of N48.6 billion, marking an 11% growth from the N43.6 billion revenue recorded in H1 2023.
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Latest Momo Psb Canvasser jobs in Nigeria on MyJobMag. Discover over 18 Momo Psb Canvasser vacancies today and get hired. Logistics Manufacturing Maritime Media / Advertising / Branding Medical / Healthcare MyJobMag NGO/Non-Profit Oil and Gas / Energy Pharmaceutical Procurement / Store-keeping / Supply Chain Product Management Project
MoMo PSB Extends Outbound Remittance Service across Africa
launches Gift Card service for international payments. Leading Payment Service bank (PSB), MoMo PSB, a subsidiary of MTN Nigeria has announced the launch of its outbound and inbound remittance service which enables customers in Nigeria to send money seamlessly to 13 African countries, including Benin Republic, Cameroon, Congo Brazzaville,
MoMo PSB Launches Outbound Remittance Service Across Africa
JUSTUS ADEJUMOH . MoMo PSB has announced the launch of its outbound and inbound remittance service which enables customers in Nigeria to send money seamlessly to 13 African countries, including Benin Republic, Cameroon, Congo Brazzaville, Côte d''Ivoire, Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo,
Nigeria''s Hope PSB targets ₦6.5B fraud recovery
Nigeria''s Hope PSB targets ₦6.5B fraud recovery. Hope Payment Service Bank, Nigeria''s digital bank ;is going after ₦6.5 billion that was stolen from its platform by unknown individuals. The CPT1 facility is powered by renewable energy, thanks to a 20-year agreement for wheeled solar power. This ensures a reliable power supply and
Exploring the future of PSBs in Nigeria through
9 Payment Service Bank (9PSB), Nigeria''s digital payment service bank, focused on financial inclusion has re-emphasized that Nigeria''s evolving payment ecosystems and increased collaborative activities among
PAYMENT SERVICE BANKS (PSB) In Nigeria
With this approval, MTN Nigeria will be joining Moneymaster PSB, a subsidiary of Glo and 9PSB, a subsidiary of 9mobile, to operate in the fintech space. The list below, however, outlines the payment service banks approved by the CBN
3 FAQs about [Psb energy Nigeria]
What is a PSB in Nigeria?
ce Banks n Nigeria are also covered.2. OBJECTIVEThe key objective of setting up PSBs is to enhance financial inclusion by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other financially excluded entities through high-volume low-value transactions in
Why do we need PSBs?
ugh the provision of financial services.Accordingly, PSBs are envisioned to facilitate high-volume low-value transactions in remittance services, micro-savings and withdrawal services in a secured technology-driven environment to further deepen financial inclusion and help in attaining the policy objecti
Does a PSB need a CBN approval?
tion subject to the approval of the CBN.Where the promoter of a PSB is a regulated entity, it shall be required to obtain approval or a ‘no objection letter’ from its primary regulator and submit same at th l censing application stag lice