“Can MTN's telecom distribution muscle turn a mobile wallet into Nigeria's leading financial inclusion platform?”
MoMo PSB is MTN Nigeria's fintech subsidiary, launched in 2022 after receiving a Payment Service Bank license from the CBN. It leverages MTN's affiliate Y'ello Digital Financial Services' agent network (166,000+ agents, 10M+ users) to deliver mobile wallets, remittances, and merchant collection services. In 2024, MoMo PSB applied for additional PSSP and PTSP licenses to expand beyond deposit-taking into payment processing and PoS, positioning to compete with OPay and Paystack.
MoMo PSB discloses MoMo Payment Service Bank Limited (in-house) as its banking provider, according to the Embedded Finance Index 2026.
MoMo PSB does not disclose a bank charter of its own; its banking services are provided through MoMo Payment Service Bank Limited (in-house).
MoMo PSB processes payments through MoMo PSB (self-operated).
MoMo PSB's lending and capital products are provided by MoMo PSB (in-house).
The Embedded Finance Index 2026 maps 3 layers in MoMo PSB's stack: Payments / PSP (MoMo PSB (self-operated)); Banking / BaaS (MoMo Payment Service Bank Limited (in-house)); Lending (MoMo PSB (in-house), MoMo Business Financial Services (loans and savings) and Micro-lending (planned/signaled)).
MoMo PSB is founded in 2022 and headquartered in Lagos, Nigeria.
MoMo PSB has raised $4.4M in total.
Get a read on where your own stack stands against MoMo PSB and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.