Following the final approval for a Payment Service Bank (PSB) licence granted by the Central Bank of Nigeria (CBN), MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally commenced operations on May 17, 2022.
If you’re wondering how to jump on the MoMo PSB train, we have you covered! In this article, we’ll give you all the information you need to open a MoMo wallet and perform transactions using your MoMo wallet.
So, let’s get started!
How to open a MoMo wallet
To open a MoMo wallet, all you need to do is dial *671# using any mobile number, choose a four-digit pin and voila, you have successfully opened a MoMo PSB wallet and your phone number is now your account number. After opening the wallet, you will be able to fund your wallet at any MoMoAgent or by transfer from your bank account.
How to send money using a MoMo wallet
Once you have successfully opened a MoMo wallet, you will be able to send money and receive money from anyone with a mobile wallet using just a mobile number. To send money to a trader, friend or family member, all you need is their phone number and you can send money seamlessly.
What services are available on MoMo
Through your MoMo wallet, you can send money to any mobile phone in the country as well as buy airtime/data and pay bills.
In addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment by digitising cash payment, MoMo wallets in the future will also enable account holders to receive inbound remittance from any country in the world, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.
How to withdraw cash from your MoMo wallet
To withdraw cash from your wallet, all you need to do is visit a MoMoAgent. With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, you can be sure to find a MoMoAgent near you!
MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products, so what are you waiting for? Dial *671# to get started!