CBN grants final approval for MTN to start banking operations as Momo PSB

The Central Bank of Nigeria (CBN) has granted MTN the final approval to operate as Momo Payment Service Bank Limited (Momo PSB).

This was disclosed in a press release titled “THE CENTRAL BANK OF NIGERIA GRANTS FINAL APPROVAL FOR MOMO PAYMENT SERVICE BANK LIMITED TO COMMENCE OPERATIONS” signed by Uro Ukpanah, the Company Secretary.

In November 2021 Nigeria’s leading telecommunications companies MTN Nigeria and Airtel Africa received an “Approval in Principle” (AIP)  from the Central Bank of Nigeria to operate as Payment Service Banks.

Benefits of MoMo PSB

Agents running the MoMo PSB business can provide POS and ATM services and build a network of physical banking agents for deposits, payments, and withdrawals. Businesses can also manage their finances and pay staff salaries with MoMo Bulk Disbursement. 

On the contrary, one peculiarity of PSBs is they are not permitted to offer loans or credit facilities to their customers — they can only receive deposits. Thus, PSBs in Nigeria cannot entirely replace traditional Deposit Money Banks, but they can serve as intermediate providers of financial services to new customers. 

HOW IT WORKS?

5 Easy Steps to Send Money Through a MoMo Agent

Step 1: Locate or Visit MoMo Agent Nearest to You.

To Locate Agent:

• Dial*223#
• Select 1 to locate Agent
• Enter State
• Enter LGA
• The Address and Phone Number of the closest MoMo Agent are displayed

Step 2: Handover Cash and receiver’s phone number to Agent

Step 3: 6 digits control number will be sent to you once the agent completes the transaction. Another 6 digits will be sent to the receiver of the money.

Step 4: Communicate your 6 digits control number to the receiver of the money

Step 5: Inform the receiver to locate the nearest agent and present the 6 digits control number to collect the money

5 Easy Steps to Receiving Money

Step 1:  Locate or Visit MoMo Agent Nearest to You. (see above)

Step 2: Present the 6 digits control number from the sender and the other 5 digits control number sent to you.

Step 3: Handover 5 digits number to the agent

Step 4: Handover 6 digits number received from the Sender to the agent

Step 5: Receive Cash from the agent

HOW TO BECOME A MOMO AGENT

Step 1: Check to affirm if you meet the requirements below.

REQUIREMENTS for MoMo Agents

         i.            Have an existing business or are willing to invest in an agency business.

       ii.            Have a Brick & Mortar/Immovable retail shop e.g. Pharmacy Pop & Mom Shop located in high foot traffic.

      iii.            Viable means of identification (National ID, Driver’s License, International passport or Voters card).

     iv.            Readiness to provide 1 passport photograph.

       v.            Capability to provide a Working Capital of N20,000 and above.

Step 2: Visit the nearest MTN outlet to pick up the form & submit your details

Step 3: Click here to download the application form

Step 4: Our field staff will contact you for a planned visit to ascertain your suitability

 

HOW TO BECOME A MOMO AGENT BY SELF ONBOARDING

         i.            Dial *502# with your MTN phone number.

       ii.            You receive a prompt to approve your MTN SIM registration details to be used as your MoMo wallet ID KYC.

      iii.            Select 1 Yes to accept the T&C and to continue to the next step.

     iv.            Create your 4-digit PIN as prompted.

       v.            Reconfirm your 4-digit PIN.

     vi.            Your new MoMo Agent wallet is created.

    vii.            You get USSD and SMS notifications confirming your new MoMo Agent wallet.