MTN Nigeria's MoMo Payment Service Bank (MoMo PSB) is expanding strategically beyond traditional payment service bank limitations by applying for Payment Solution Service Provider (PSSP) and Payment Terminal Service Provider (PTSP) licenses.
This move is a big deal because MoMo, which already serves millions through its mobile money platform, would be able to process backend payments and manage payment terminals - capabilities typically reserved for full-service financial institutions.
This expansion could fundamentally alter Nigeria's fintech landscape, where MTN has already established itself as a major player in mobile money services since launching MoMo PSB in 2022.
Traditionally, PSBs like MoMo have been limited to offering simple accounts and facilitating cashless transactions in underserved areas.
MTN Nigeria acquired the remaining 7.17% stake in MoMo PSB for ₦6.95 billion, achieving full ownership. Hence MoMo's pursuit of these licenses signals its ambition to leverage MTN Nigeria's extensive network and customer base to drive digital financial services comparable to those of OPay and Paystack.
