In celebration of Nigeria’s 65th Independence Day, MoMo Payment Service Bank (MoMo PSB), a subsidiary of MTN Nigeria, is offering customers a full day of free money transfers. The promotional offer will be available nationwide from 12:00 AM to 11:59 PM on October 1, 2025, and is open to both new and existing users of the platform.
This one-day initiative builds on MoMo’s ongoing fee waiver for transfers below ₦10,000 (approximately $6.73), which has been in effect since July 2025 and will continue through the end of the year. However, the Independence Day offer temporarily lifts all transfer limits, allowing users to send money of any amount without incurring fees.
MoMo PSB’s decision to extend free transfers aligns with its broader mission to promote financial inclusion and support the growing adoption of mobile money in Nigeria. The country remains MoMo’s largest market, and the company is encouraging users to take full advantage of the Independence Day offer.
Rosemary Aimankhu, Chief Commercial Officer at MTN Nigeria, said:
Independence Day is about freedom, unity, and resilience. By offering free transfers nationwide, we are celebrating Nigeria’s 65th anniversary in a way that directly impacts the lives of millions of people.
Mobile Money on the Rise
Nigeria’s mobile money sector is experiencing rapid growth, driven by increasing mobile penetration and digital adoption. As of 2025, mobile penetration has reached 87%, with over 200 million active connections. However, only 44.4% of the population owns smartphones, highlighting a digital divide that mobile money services like MoMo aim to bridge.
Despite these challenges, mobile money usage continues to surge. In Q1 2025 alone, transactions grew by 20.3% year-over-year, reaching a total value of ₦20.7 trillion. According to market research firm IMARC Group, Nigeria’s mobile money market is projected to grow at a compound annual growth rate (CAGR) of 19.2% between 2025 and 2033.
Competing in a Crowded Market
MoMo’s free transfer strategy mirrors tactics used by rival neo-banks such as PalmPay and OPay, which have successfully attracted millions of users through similar incentives. To remain competitive, MoMo is also offering additional perks, including:
- 2% cashback on airtime and data purchases
- Zero charges on electricity token purchases
- Free payments for cable TV subscriptions
Aimankhu added:
One thing we like to do is find simple ways to add value to everyday life. Independence Day is just one more moment to show that understanding.
How to Access the Offer
Customers can access MoMo’s services in two simple ways:
- Download the MoMo app from the App Store or Google Play Store
- *Dial 671# on any MTN line to initiate transactions without needing a smartphone
As Nigeria celebrates its independence, MoMo PSB is using the occasion to reinforce its commitment to accessible, affordable financial services for all.
