MTN Nigeria fintech subsidiary, MoMo Payment Service Bank (MoMo PSB), formally launched operations on Thursday, according to the MTN Group.
This follows the company’s successful pilot test, which began on May 16, 2022, to commemorate the start of GSM operations on May 16, 2001, and its listing on the Nigerian Exchange Limited on May 16, 2019.
MoMo PBS presently has a 166,000-strong agent network and a digitized partnership infrastructure. MoMo PSB is to expand its agent network in order to reach Nigerians and eliminate friction from routine payments by digitizing cash payments, according to the firm.
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Furthermore, the business claims that in the future, MoMo wallets would allow Nigerians in the Diaspora to send money to any phone number in the country, which is a critical feature considering Nigeria position as the top remittance destination in Sub-Saharan Africa.
Customers can use MoMo to send money to any phone number in Nigeria and pay their bills by dialing *671# from any network.
“We appreciate the Central Bank of Nigeria’s help and guidance throughout the process,” MTN Nigeria CEO Karl Toriola stated.
“This is a significant step forward in our objective to assist the government in achieving financial inclusion in Nigeria.” “Not just for those in cities and marketplaces, but also for those in rural and isolated corners of the country who are still unable to access financial services,” he stated.
MoMo PSB CEO Usoro, Usoro stated that offering easy-to-use, accessible, and inexpensive financial services to all Nigerians is critical to the CBN financial inclusion strategy and the Minister of Communications and Digital Economy digital inclusion program.
“We are thrilled about the opportunity to collaborate with key institutions across diverse sectors to co-create and expand access across the country,” Usoro added.
What Does It Take To Become A MOMO Agent
Momo is a terrific option for company owners to make extra money because it is solely dependent on commission. MTN is allowed to deduct low payment fees ranging from 0.5 percent to 5% of the total amount sent. As a result, the Momo Agent makes a profit. Many people wish to work as Momo agents but are unsure how to get started. Continue reading:
Step 1: Double-check that you satisfy the requirements.
Before becoming a Momo agent, you must meet certain prerequisites. They are
- A potential agent must either have an established business or be willing to invest in one.
- A potential agent must have a physical location or an immovable retail store, such as a pharmacy or a kiosk.
- A national ID, driver’s license, international passport, or voter’s card are all acceptable forms of identification.
- A passport picture.
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He or she must be able to provide a minimum of N20,000 in startup cash.
Step 2: Pick up an application form at your local MTN store and submit your information.
Step 3: On the Momo agency website, you can also download the application form.
Step 4: Wait for the company’s field team to contact you for a scheduled visit to assess your suitability.