MoMo PSB, the fintech subsidiary of MTN Nigeria, has launched outbound and inbound remittance services, enabling users to send and receive money instantly across 19 African countries. This expansion marks a significant step towards greater financial inclusion and seamless cross-border transactions within the continent.
Nigerian users can now send money directly to 13 countries, including Benin Republic, Cameroon, and Côte d’Ivoire, via the MoMo app or USSD channels. Funds are automatically converted to the recipient’s local currency at a competitive exchange rate, with a minimal 3% transaction fee for the sender. Recipients receive the funds instantly with no extra charges.
MoMo users can also receive money from six African countries: South Africa, Rwanda, Uganda, Zambia, the Democratic Republic of Congo, and Mauritius. This bidirectional flow of remittances facilitates personal transactions, supports businesses, and strengthens economic ties across Africa.
This expansion builds on MoMo PSB’s commitment to providing accessible and affordable financial services. Licensed by the Central Bank of Nigeria in 2022, MoMo PSB has consistently expanded its offerings, including adding 25 new wallet corridors in April 2024 and launching a prepaid virtual card in February 2024 to enable global online transactions.
“We are committed to delivering quick, easy, and user-friendly financial services, breaking down barriers to ensure seamless transactions across Africa,” said Elimane Barry, Chief Executive Officer of MoMo PSB.
The launch of these remittance services has far-reaching implications:
- Supporting Families and Communities: Users can easily and affordably send money to loved ones across borders.
- Facilitating Trade: Businesses can conduct cross-border transactions with greater efficiency.
- Driving Economic Growth: Increased flow of remittances can stimulate economic activity and contribute to development.
- Promoting Financial Inclusion: Expanding access to financial services for underserved populations.
MoMo PSB’s expansion of remittance services positions it as a key player in Africa’s evolving fintech landscape. By simplifying cross-border payments and promoting financial inclusion, MoMo PSB is contributing to a more connected and prosperous Africa. The company’s ongoing commitment to innovation and customer-centric solutions is likely to drive further growth and expansion in the future.
