MTN Nigeria Subsidiary MoMo PSB Expands Financial Inclusion With The Launch of New Cross-Border Remittance And Gift Card Services
MTN Nigeria’s fintech subsidiary MoMo PSB has announced the launch of an outbound and inbound remittance service that empowers customers in Nigeria to send money seamlessly to 13 African countries.
These countries include Benin Republic, Cameroon, Côte d’Ivoire, Democratic Republic of Congo, and Zambia, and to receive funds from six countries, such as South Africa, Rwanda, and Mauritius. This new service is available through the MoMo app and USSD channels, providing a streamlined way for users to support loved ones and conduct business across borders.
With MoMo’s remittance service, users can instantly send and receive funds, with each transaction automatically converted to the recipient’s local currency. Senders incur a minimal 3% transaction fee and are informed of the conversion rate, making this a cost-effective solution for cross-border transactions. For added convenience, users can access this feature by logging into their MoMo account, selecting ‘Transfer to Africa,’ or by dialing 6711*3# on their MoMo-registered number.
To meet the needs of high-volume transactions, MoMo allows users to upgrade their account to Tier 2 via a self-service feature on the app or by dialing 6718*2# to link their BVN. A Tier 3 upgrade for enhanced daily limits is also available through MoMo’s toll-free helpdesk at 671.
Alongside its remittance service, MoMo has introduced a Gift Card service, enabling users to purchase e-vouchers directly from their accounts for various international transactions, including online shopping and service payments. This feature, accessible via the MoMo USSD channel *671#, simplifies the process of making international payments and reflects MoMo’s commitment to a user-friendly, inclusive digital payment experience.
“This marks a significant milestone in advancing financial empowerment, reducing trade barriers, and bridging the financial gap within African nations,” said Phrase Lubega, Acting CEO of MoMo PSB. “Our customers can now transact across borders more easily and use our Gift Card service for a range of international payments, enhancing convenience and accessibility.”
Since receiving its license in May 2022, MoMo PSB has been dedicated to providing accessible, affordable financial services. These new features solidify MoMo’s role in driving financial inclusion across Africa, empowering customers to support economic growth and facilitate trade throughout the continent.
