Momo Payment Service Bank Limited and Yello Digital Financial Services Limited, two finance subsidiaries of telecommunications company MTN Nigeria, have proposed merging. “Momo PSB is the payments unit of MTN Nigeria Communications Plc, which began operations in 2022 on the same day that competitor Airtel Africa announced a similar move by its fintech arm.
MTN Nigeria’s CEO, Karl Toriola, stated that the company supports the federal government’s “push towards financial inclusion in Nigeria” when referring to The PSB.
A complete Super Agent Licence was given to MTN’s Yello Digital Financial Services Limited by the CBN in 2019.
Super agents are companies that have been granted permission by the CBN to hire agents to offer communities financial services on behalf of banks in order to improve financial inclusion. MTN Nigeria added that the merger is being offered.