MoMo PSB, the fintech subsidiary of MTN Nigeria, has announced the launch of its outbound and inbound remittance services, enabling customers in Nigeria to send money to 13 African countries through its app and USSD channels.
With this development, customers in Nigeria can now send money directly to the Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, the Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda and Zambia.
They can also receive money from six African countries: South Africa, Rwanda, Uganda, Zambia, the Democratic Republic of the Congo, and Mauritius.
MoMo users can instantly send and receive funds, with the transaction value automatically converted to the recipient’s local currency. The sender is charged a minimal 3% transaction fee and is informed of the conversion rate. The recipient receives funds with no extra charges.
Customers can access the outbound remittance service by logging into their MoMo account and tapping on ‘Transfer to Africa,’ or by using the USSD code and entering the recipient’s phone number with the country code.
But Ghana, a very big market for MTN MoMo is conspicuously excluded from this groundbreaking collaboration with its Nigerian counterpart.
Gift Card
Meanwhile, the fintech company launched a Gift Card service that allows users to buy e-vouchers directly from their MoMo accounts and use them for several international transactions, such as online shopping and service payments.
According to Phrase Lubega, Acting CEO of MoMo PSB, this development is significant in advancing economic empowerment, reducing trade barriers, and bridging the financial gap in African nations. He added that the new services will also enhance the customer experience.
In 2022, MoMo PSB got final approval from the Central Bank of Nigeria to operate a Payment Service Bank and since then, it has witnessed expansion. In April 2024, MTN added 25 new wallet corridors to the fintech application and expanded its services to 10 more countries to facilitate international remittances.
The expansion and launch would enable MoMo users to send money to 24 African countries and interact with over 200 million wallets.
In February 2024, MoMo announced a multi-market partnership to launch a prepaid virtual card, allowing customers to access more than 100 million acceptance points worldwide.
