MTN Nigeria Expands Fintech Footprint With Application of Two New Licenses For MoMo PSB

MTN Nigeria, the country’s leading telecommunications company, is further solidifying its position in the fintech industry. The company’s mobile money service, MoMo PSB, has recently applied for two new licenses: Payment Service Solutions Provider (PSSP) and Payment Terminal Service Provider (PTSP).

With these additional licenses, MoMo PSB aims to:

* Process payments internally: Reducing reliance on third-party providers and streamlining operations.

* Offer payment processing solutions to merchants and partners: Expanding its reach and revenue streams.

* Deploy and manage Point-of-Sale (POS) terminals: Enabling a wider range of services for businesses and consumers.

By acquiring these licenses, MoMo PSB will be able to compete more directly with established fintech players such as Interswitch, Flutterwave, and others in the payment processing space. In the POS market, it will challenge leaders like Moniepoint, Opay, and Palmpay.

This strategic move aligns with MTN Nigeria’s broader goal of promoting financial inclusion.

Since the launch of MoMo in 2022, the fintech has experienced significant growth, acquiring over 4.2 million users in just a few months. Currently, over 5 million people actively use MoMo every month, and more than 324,000 merchants are leveraging MoMoPay. The number of active mobile money wallets also increased by 163.2% to 5.3 million in 2023.

Future Outlook

MTN Nigeria aims to establish MoMo PSB as the leading fintech platform in Nigeria, targeting 30-40 million active users by 2025. With its expanding capabilities and strong commitment to financial inclusion, MoMo PSB is well-positioned to shape the future of digital finance in Nigeria.