04 April 2023

MTN Nigeria plans to merge its payment company, Momo Payment Service Bank Limited and its digital arm, Yello Digital Financial Services Limited (YDFS).

The entity that will result from this merger will hold the payment services bank license granted by the Central Bank of Nigeria (CBN). It will also be able to provide super-agent services and other authorized activities.

This initiative is part of MTN Nigeria’s fintech strategy, aimed at accelerating the growth of MoMo PSB. To achieve this goal, the company plans to reopen the Nigerian Interbank Settlement System (NIBSS) interface for outgoing transfers, and intensify business activities focused on growing active wallets, while continuing to improve its governance and its control environment.

In its financial report for the financial year 2022, MTN Nigeria said that its active subscribers to fintech services increased by 57.5% to reach 14.9 million. Mobile financial services generated a total revenue of 84.4 billion naira, up 19.6% from 2021.