MTN Nigeria’s Fintech subsidiary, MoMo PSB, has launched a new remittance service, enabling customers in Nigeria to send and receive money across multiple African countries.
With the launch of this service, MoMo PSB users can now send money to 13 African countries which include; Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda, and Zambia. Additionally, customers in Nigeria can receive funds from South Africa, Rwandá, Uganda, Zambia, the Democratic Republic of Congo, and Mauritius.
This service simplifies cross-border transfers and empowers, broadedbunf financial access and reducing trade barriers across the continent. A minimal 3% transaction fee is applied to outbound transfers, while incoming transactions are free for recipients.
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To access the remittance service, users can log into their MoMo app and select “Transfer to Africa,” or dial 6711*3# and enter the recipient’s phone number with the country code. Customers needing higher transaction limits can upgrade to Tier 2 or Tier 3 via the MoMo app or USSD, linking their BVN for an enhanced experience.
In a similar stride towards meeting the growing demand for efficient cross-border financial solutions, the fintech also launched an innovative Gift Card service that allows users to purchase e-vouchers directly from their MoMo accounts, using it for several international transactions, including online shopping and service payments.
By leveraging MoMo’s, robust digital infrastructure, users can now enjoy a seamless payment process, eliminating the complexities often associated with the conventional methods of processing international payments.
Speaking on these developments, the acting Chief Executive Officer, of MoMo PSB, Phrase Lubega highlighted the service as a significant milestone toward economic empowerment and financial inclusion across Africa.
In his words,
“This is a significant milestone towards advancing economic empowerment, reducing trading barriers, and bridging the financial gap in African nations. It’s an exciting time for us at MoMo PSB as our customers can easily, and quite swiftly, make transactions across 13 African countries, and use our Gift Card service for international payments.
Reaffirming MoMo’s mission, he added, “While this is a huge step, we remain committed to delivering quick, easy, user-friendly financial services, breaking more barriers to ensure our customers can enjoy the ease of transacting and doing business across more countries. I am confident that these new services will significantly enhance the customer experience and demonstrate our commitment to continually pushing the boundaries of financial inclusion.”
Licensed in 2022 by the Central Bank of Nigeria (CBN), to operate as a payment service bank, MTN MoMo’s growth in the country has been remarkable. According to reports, in August 2024, MTN Nigeria reported that active wallets on its MoMo Payment Service Bank (PSB) reached 5.5 million in the second quarter of this year.
The company’s mobile money business bounced back after a 9% decline in wallets it recorded in Q1 2024 due to the impact of the National Identification Number (NIN) requirement for KYC validation. This growth in mobile money users impacted the company’s fintech revenue, which grew by 11% for the six months and a 22.2% growth in Q2. MTN’s fintech revenue jumped to N48.6 billion in half-year 2024 from N43.6 billion recorded in the same period last year.
With the recent advancements following the launch of cross-border payment service, MoMo PSB reaffirms its commitment to financial inclusion, enabling users to support loved ones, facilitate trade, and contribute to economic growth in Nigeria and across Africa.