MTN’s MoMo Payment Service Bank (MoMo PSB) is revolutionizing financial services in Nigeria by providing accessible, secure, and efficient mobile banking solutions.
Launched in May 2022, MoMo PSB aims to enhance financial inclusion, particularly for the unbanked and underserved populations.
Key Features of MoMo PSB
- Seamless Money Transfers: MoMo PSB enables users to send and receive money to any mobile phone number in Nigeria without requiring traditional bank account details. This service is accessible via the USSD code *671# or through the MoMo PSB mobile app.
- Airtime and Data Purchases: Users can conveniently buy airtime and data bundles for themselves or others, regardless of the recipient’s network provider. This feature ensures quick top-ups without the need for physical recharge cards.
- Bill Payments: MoMo PSB allows for the payment of various utility bills, including electricity and cable TV subscriptions (e.g., DSTV, GoTV, Startimes), directly from the user’s wallet, eliminating the need for physical visits to payment centers.
- Cash Withdrawals and Deposits: Through an extensive network of over 166,000 active agents, users can deposit and withdraw cash from their MoMo wallets, facilitating easy access to funds even in remote areas.
- Bank Transfers: MoMo PSB supports transfers to and from traditional bank accounts, providing flexibility in managing finances across different platforms.
- Account Management: Users can check their account balances, view mini-statements, and generate receipts for transactions, ensuring transparency and effective financial tracking.
Benefits of Using MoMo PSB
- Financial Inclusion: By leveraging mobile technology, MoMo PSB brings banking services to individuals in rural and underserved areas, contributing significantly to Nigeria’s financial inclusion goals.
- User-Friendly Interface: The service is accessible via USSD (*671#) and a mobile app, ensuring that both smartphone and feature phone users can utilize its features without requiring internet access.
- Cost-Effective Transactions: MoMo PSB offers free transfers to any phone number in Nigeria, reducing the cost burden associated with traditional banking fees.
- Security: With robust security measures, including PIN protection and encryption, users can trust that their transactions and personal information are safeguarded.
- Convenience: The ability to perform a wide range of financial transactions from a mobile device saves time and reduces the need for physical bank visits, aligning with modern banking trends.
- Broad Agent Network: The extensive network of agents ensures that users can access services such as cash deposits and withdrawals even in locations without traditional banking infrastructure.
How to Get Started with MoMo PSB
- Register: Dial *671# on your mobile phone or download the MoMo PSB app from the Google Play Store or Apple App Store.
- Set Up Wallet: Follow the prompts to create your MoMo wallet, including setting a secure PIN.
- Fund Wallet: Deposit funds into your MoMo wallet through a MoMo agent, bank transfer, or receive funds from other MoMo users.
- Transact: Utilize the various services offered, such as sending money, purchasing airtime, paying bills, and more.
MoMo PSB is poised to transform the financial landscape in Nigeria by providing accessible, secure, and efficient mobile banking services, thereby bridging the gap between the banked and unbanked populations.
For more information, visit the official MoMo PSB website or download the MoMo PSB mobile app.
