EXPLAINER: MTN Commences MoMo PSB Operation

  • Deposit: Accept deposits and provide savings accounts to its customers — individuals and small businesses.
  • Cross-border Transfers: Help with cross-border transfers using all of the options accepted by the CBN.
  • Payment Cards: Issue debit and prepaid cards and manage electronic wallets.
  • Investment: Invest a percentage of the deposits received into FGN and CBN Securities.
  • Purchase airtime and bundles: Do you need airtime, data, or SMS bundles right away? Even if you’re not with MTN, you can get them on MoMo.
  • Pay your bills: Use your MoMo account to pay utility bills, education expenses, DSTV, and other bills.
  • Start saving: Even if you don’t have a bank account, you can start saving money with MoMo.
  • Collaboration: Request payments, produce bills, post invoices, and collect payment from your customers all in one place.
  • Payments: Use the MoMo Business bulk disbursement interface to pay suppliers, employees, or any other group of people.
  • Remittance: MoMo wallets will be able to receive inbound remittance from any country in the world in the future, according to MTN
  • Loans: MoMo can not issue loans, advances and guarantees.
  • Foreign Exchange: Except for remittances, trading in foreign exchange is prohibited.
  • Insurance: It is also not allowed to issue insurance products.
  1. Go to your other bank app and choose ‘AccessYello and Beta’ as the bank name (Soon to be replaced by MoMo PSB)
  2. Input your MoMo PSB number without the first 0 as the account number, i.e. ‘8030000123’
  3. You can also deposit money into your MoMo PSB wallet at MoMo agents.

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