MoMo Payment Service Bank

What MoMo Payment Service Bank does

MoMo Payment Service Bank Limited is a Nigerian mobile money platform licensed by the Central Bank of Nigeria as a Payment Service Bank in April 2022 and formally launched on 17 May 2022. It is a wholly-owned subsidiary of MTN Nigeria Communications Plc (itself part of MTN Group) and operates on infrastructure inherited from affiliate Y'ello Digital Financial Services, including 166,000+ active agents and 10M+ active users. The platform reaches customers through three primary channels — a USSD short-code (*671#) for feature-phone access, native iOS/Android apps, and a developer-facing MoMo PSB API (Collection, Disbursement, Collection Widget, Remittances) — and serves unbanked consumers, SMEs, agents/merchants, diaspora remitters, and fintech/e-commerce developers across Nigeria.

MoMo PSB's core product surface centers on the MoMo wallet and includes P2P C2C transfers (zero-rated below N10,000 as a customer-acquisition lever), bank-to-wallet transfers (flat N10 fee), international remittances (flat 3% fee via Lightway Finance for US/UK/Canada/Europe and direct app/USSD to 14+ African countries), airtime/data purchases (50% bonus and 2% cashback on MTN), bill payments (DSTV, GOTV, StarTimes, electricity), state tax payments (Ekiti, Rivers, Nasarawa), sports betting top-ups across seven operators, and merchant payment acceptance via Pay with MoMo on 55,000+ UBA/Redtech RedPay POS terminals. A Mini Apps marketplace extends the app with AliExpress shopping, Travelwings flights, Gift Cards, Save n Invest, Food Ordering, and Roundy Games. The platform holds ISO 27001:2022, ISO 22301, ISO/IEC 20000-1, ISO 9001:2015, and PCI-DSS certifications, and integrates with cross-border partners including Thunes (130+ countries inbound), Mastercard, Ant Group/Alipay, Ecobank, Ericsson, and Comviva.

Revenue is generated through a diversified transaction-fee model: flat fees on bank transfers and international remittances, commissions on airtime/data, bill payments, betting top-ups, and tax collections, plus agent and merchant commissions and float income on wallet balances. Merchant payments to MoMo merchants are zero-rated at the merchant level but drive volume and float. B2B/API monetization (Collection, Disbursement, Remittances, Collection Widget) is quote-based and commercial terms are not publicly disclosed. As of February 2026, MoMo PSB reported 2.9M active wallets alongside 72.5% YoY revenue growth and 73.6% growth in active agents for the combined fintech division; MTN Nigeria's combined fintech division generated N131.6 billion in 9M 2025 (≈US$83M, ≈US$111M annualized). In May 2026, MTN Group announced a restructuring to transfer 60% ownership of MoMo PSB (and YDFS) to MTN Group Fintech Holdings at an implied N95.5 billion valuation with a N152.06 billion capital injection, reflecting an early-stage, loss-making profile (N62.56bn FY2025 impairment recorded by MTN Nigeria).

Name

MoMo Payment Service Bank

Legal name

MoMo Payment Service Bank Limited

Website

https://momo.ng

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

MoMo Payment Service Bank is a Nigerian mobile money platform licensed by the Central Bank of Nigeria and wholly-owned by MTN Nigeria. It serves consumers, SMEs, agents, and developers with payments, transfers, savings, and remittances via USSD, mobile app, and 166,000+ agents.

Ownership category

akta.pro rank

Product category

Mobile Money / Digital Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Miscellaneous Business Credit Institution (6159), Personal Credit Institutions (6141)

akta.pro primary industry

Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)

akta.pro secondary industries

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA), Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM), SME & Business Cross-Border Payments (B2B) (FSAMAIAB), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Mobile money services
• Payment service bank
• Digital wallet
• Cross-border remittances
• Agent banking

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Peer-to-peer wallet transfers (C2C): Free wallet-to-wallet transfers via MoMo to any phone number; zero-rated charges apply for transfers below N10,000 as a customer-acquisition and engagement lever.
2. Bank transfer fees: Flat N10 fee charged to users for transfers from MoMo wallet to other Nigerian bank accounts regardless of transaction value.
3. International remittance fees: Flat 3% fee on the amount sent for international transfers via MoMo app and USSD; partner-routed (Lightway Finance) corridor for US/Europe/Canada.
4. Airtime and data cashback-funded commissions: Revenue from airtime/data reselling across all networks, partially offset by customer cashbacks (50% airtime bonus, 2% airtime cashback, 2% data cashback on MTN purchases).
5. Bill payment and tax collection commissions: Commissions earned on payments processed for cable TV (DSTV, GOTV, StarTimes), electricity tokens, betting wallet top-ups, and tax payments for Ekiti, Rivers, and Nasarawa states.
6. Agent and merchant commissions: Commissions paid by MoMo PSB to agents and merchants on cash-in/cash-out, airtime/data, bill payment, and merchant payment-collection transactions.
7. Merchant payments (zero-charge) and API integrations: Payments to MoMo merchants are zero-rated to merchants but generate float and volume; enterprise/fintech API integrations (Collection, Disbursement, Remittances) drive B2B2C transaction flow and revenue share.
8. SME digital tools and value-added services: App, POS, USSD, and partner portal solutions offered to SMEs (notably via SMEDAN partnership) for payment acceptance, staff salary management, and multi-shop operations, generating fee and float revenue.

Pricing tiers

Go-to-market motion4 records

Distribution channels8 records

Marketing channels10 records

Core offering

MoMo Payment Service Bank Limited is a Central Bank of Nigeria-licensed Payment Service Bank that delivers mobile money and inclusive financial services through USSD (*671#), a mobile app (iOS/Android), and a REST API. Core wallet services include P2P transfers, bank transfers, cash-in/cash-out via agents, airtime/data purchases, bill payments, and international remittances. Merchant and B2B offerings include the MoMo PSB API (Collection, Disbursement, Remittances, Collection Widget), POS-based merchant payment acceptance, and SME digital tools, all backed by a 166,000+ active agent network inherited from Y'ello Digital Financial Services.

Product overview

MoMo Payment Service Bank (MoMo PSB) is a single unified mobile money platform — a wholly-owned fintech subsidiary of MTN Nigeria Communications Plc, licensed by the Central Bank of Nigeria — that delivers inclusive financial services through three customer-facing channels: the MoMo Mobile App (iOS/Android), the USSD short code *671#, and a nationwide agent network of 166,000+ active agents. The platform is anchored by the MoMo Wallet, with core money-movement capabilities covering P2P transfers (MoMo C2C Transfers), interbank Bank Transfers, Cashout/Deposits, and International Transfers (send to 14+ African countries via the MoMo app; receive from USA, UK, Canada, Europe via the Lightway Finance portal). On top of the wallet, MoMo offers a suite of payment services: MoMo Airtime & Data, MoMo Bill Payment (for DSTV/GOTV/Star Times/electricity), MoMo Tax Payments (for Ekiti, Rivers, Nasarawa states), MoMo Sports Betting Top-up (for Betway, 1XBet, Bet9ja, Betmotto, Betmojo, Betking), and Pay with MoMo on 55,000+ UBA/Redtech RedPay POS terminals. The MoMo Mini Apps marketplace extends the app with Food Ordering, Save n Invest, Gift Cards, Shop with AliExpress, Roundy Games, and Travelwings flight bookings, while savings, insurance, and remittances round out the consumer offering. For businesses, MoMo Merchant Services (MoMo Merchant App, POS, payment collection) and the MoMo PSB API — exposing Collection, Disbursement, Collection Widget (QR), and Remittances modules at momodeveloper.mtn.com — enable third-party payment integration. Merchant and agent incentive programs (e.g., MoMo Champions League) drive transaction volume. The service was formally launched on 17 May 2022 following CBN PSB license approval in April 2022.

Differentiator

Problem solved

Functional benefit

Products and services

• MoMo Mobile App Native mobile application for iOS and Android that provides users complete access to manage their MoMo wallet, including transfers, bill payments, airtime/data purchases, savings, and international remittances. Available on Apple App Store and Google Play.
• MoMo USSD (*671#) USSD short-code banking channel (*671#) that enables mobile money services on any mobile phone, including account opening, fund transfers, airtime/data purchase, bill payment, and cash-in/cash-out, without requiring internet connectivity or a smartphone.
• MoMo PSB API Developer-facing REST API exposing four integration modules — Collection (automatic remote collection of bills/fees/taxes), Disbursement (bulk deposit to multiple mobile money users in a single transaction), Collection Widget (QR-code payments on a website), and Remittances (diaspora-to-local recipient transfers) — documented at momodeveloper.mtn.com for fintech, e-commerce, banking, and corporate developers.
• MoMo International Transfers Cross-border money transfer service enabling users to send money to 14+ African countries (Ghana, Uganda, Rwanda, Zambia, Cameroon, Liberia, Togo, Côte d'Ivoire, DRC, Congo Brazzaville, Benin, Gambia, Malawi, Sierra Leone) via the MoMo app/USSD, and receive money from USA, UK, Canada, Europe, and additional African countries via Thunes and Lightway Finance corridors. Charged at a flat 3% fee with instant settlement in the receiver's local currency.
• MoMo Bill Payment Bill payment service covering cable TV subscriptions (DSTV, GOTV, Star Times) and electricity token purchases, available via USSD *671#, at any MoMo agent outlet nationwide, and across all networks.
• MoMo Airtime & Data Airtime and mobile data bundle purchase service for all networks, with 50% airtime bonus and 2% airtime cashback for MTN airtime, and 2% data cashback on MTN data self-purchases.
• MoMo C2C Transfers Customer-to-Customer (C2C) transfer service enabling senders and receivers to move money to any phone number in Nigeria through the MoMo app, USSD, or any MoMo agent. Wallet-to-wallet transfers are zero-rated below ₦10,000.
• MoMo Agent Services Agent network service enabling merchants and individuals to earn commissions by facilitating MoMo transactions including airtime/data sales, bill payments, cash-in/cash-out, and merchant payment collections. Backed by 166,000+ active agents inherited from Y'ello Digital Financial Services.
• MoMo Merchant Services Merchant payment acceptance service via the MoMo Merchant App and POS terminals, enabling businesses to receive payments (Pay with MoMo) at 55,000+ UBA/RedPay POS locations, manage staff salaries, and track operations. Includes scheduled airtime top-up service.

Quantifiable outcome

• 2.9 million active wallets, 72.5% revenue growth, and 73.6% growth in active agents (reported Feb 2026)
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration30 records

Feature8 records

Partnerships

13 partnerships are on record, tiered flagship, major and minor.

• United Bank for Africa (UBA)flagshipChannel Partner/ Reseller/ Distributor · 6 May 2026Cross-platform payments partnership integrating MoMo mobile wallets with UBA's merchant-acquiring network through Redtech's RedPay infrastructure; enables MoMo customers to pay at 55,000+ UBA merchant locations. Partners intend to extend the service to other African markets where both UBA and MoMo PSB maintain a presence.
• Redtech (RedPay)flagshipTechnology or Integration · 6 May 2026Technology partner providing RedPay payment-processing infrastructure and POS terminals that power the "Pay with MoMo" feature; RedPay POS terminals have processed over N278.47 billion in transactions. Redtech's merchant network of 55,000+ RedPay POS terminals forms the integration layer between MoMo PSB and UBA merchants.
• Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)flagshipStrategic or Co-development Partner · 1 February 2026Strategic partnership via signed MoU at MoMo PSB's head office in Lagos; equips SMEDAN-registered SMEs with MoMo App, POS, USSD, and partner portals for payment acceptance, staff salary management, multi-shop operations tracking, plus capacity-building programmes and access to the broader MoMo x MTN ecosystem.
• ThunesflagshipTechnology or Integration · 25 November 2025Cross-border payments integration enabling MoMo PSB users to receive international funds instantly from countries including the USA, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa; supported by Thunes' global network connecting 130+ countries.
• MastercardflagshipStrategic or Co-development PartnerGlobal strategic partner to MTN Group's fintech expansion in Nigeria; logo appears on the MoMo Partners page. Co-positioned alongside Ant Group's Alipay in MTN's broader Africa fintech strategy.
• Ant Group / AlipaymajorStrategic or Co-development PartnerNamed partner alongside Mastercard in MTN Group's push into lending and payments; referenced in coverage of MTN Group's fintech expansion and minority-investment strategy.
• Lightway FinancemajorChannel Partner/ Reseller/ DistributorInternational transfer partner powering the US/UK/Canada/Europe send corridor to MoMo wallets in Nigeria; users send money via Lightway Finance app or web portal, selecting 'Direct to MoMo Mobile Wallet' as delivery method. Funds arrive instantly in the recipient's wallet in local currency.
• BetwayminorChannel Partner/ Reseller/ DistributorSports betting wallet top-up integration; enables Betway customers to fund their betting wallets via MoMo (alongside other betting partners such as 1XBet, Betmotto, Bet9ja, Betmojo, Betking, Betpawa).
• FlocashminorChannel Partner/ Reseller/ DistributorCross-border remittance partner listed on the MoMo PSB Partners page; supports international money transfers to and from MoMo wallets.
• Watu (formerly Watu Africa)minorChannel Partner/ Reseller/ DistributorPartner listed on the MoMo PSB Partners page, supporting end-to-end mobile payments solutions and agent network.
• Kwik (formerly KwikPay/Teasy Mobile)minorChannel Partner/ Reseller/ DistributorPayment services partner listed on the MoMo PSB Partners page, supporting agent and merchant payment distribution.
• BetpawaminorChannel Partner/ Reseller/ DistributorSports betting wallet top-up integration enabling Betpawa customers to fund wallets via MoMo.
• BetmojominorChannel Partner/ Reseller/ DistributorSports betting wallet top-up integration enabling Betmojo customers to fund wallets via MoMo.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• OPay: Nigeria-headquartered mobile money, payments, and merchant services super-app; competes directly with MoMo PSB in agent banking, P2P transfers, bill payment, and merchant acceptance in Nigeria.
• PalmPay: Nigerian mobile wallet and payments operator with mass-market agent network; directly competes with MoMo PSB on consumer P2P, airtime/data, and merchant payment acceptance.
• Paga: Pioneer Nigerian mobile money operator with an established agent network for cash-in/cash-out and bill payment; competes head-on with MoMo PSB in the same unbanked/underbanked segment.
• Moniepoint: Nigerian agent-banking and merchant POS platform that overlaps with MoMo PSB on cash-in/cash-out, SME payment acceptance, and airtime/data distribution.
• Airtel Money Nigeria (SmartCash): Telecom-backed mobile money wallet from Airtel Nigeria (now branded SmartCash), the most direct competitor to MoMo PSB given MTN's position as Airtel's mobile-money rival.

Broad incumbents

• M-Pesa Africa: Vodacom/Safaricom-operated pan-African mobile money platform; comparable as a scaled, telecom-anchored mobile money operator in multiple African markets relevant to MoMo's cross-border remittance ambition.
• Flutterwave: Nigerian payments-infrastructure provider serving merchants and fintechs; comparable in API distribution and SME payment-acceptance, though operating as a B2B platform rather than a consumer wallet.

Regional players

• Wave Mobile Money: Mobile money operator active in Senegal, Côte d'Ivoire, and other West African markets; comparable as a regional mobile money and remittance peer relevant to MoMo's intra-African corridor strategy.

Emerging players

• Carbon (formerly Paylater): Nigerian digital lender and consumer-finance app; intersects with MoMo's customer base as an emerging digital financial services player targeting similar unbanked and underbanked Nigerian consumers.
• FairMoney: Nigerian/African digital lender serving underbanked consumers and SMEs; an emerging fintech peer overlapping with MoMo's target segment for future lending expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/MoMo_PSB
• Facebookweb.facebook.com/MoMoPSB1
• LinkedInlinkedin.com/company/momo-payment-service-bank
• Instagraminstagram.com/momo_psb

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MoMo Payment Service Bank