MoMo PSB
“Can MTN's telecom distribution muscle turn a mobile wallet into Nigeria's leading financial inclusion platform?”
Founded2022
HQLagos, Nigeria
Total raised$4.4M
IndustryFintech / Neobank
The story
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.
Product timeline
2022
Granted final PSB license by Central Bank of Nigeria in April 2022· banking
2022
Formally launched financial services on May 17, 2022 as MTN Nigeria's fintech subsidiary· banking
2024
Applied for PSSP and PTSP licenses to expand into payment processing and PoS· pivot
Regulated entities
1
regulatory licence held by MoMo PSB
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in MoMo PSB’s embedded-finance stack
Payments / PSP
MoMo PSB (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: significant
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.