MTN Nigeria has successfully acquired the remaining minority stake in MoMo Payment Service Bank (PSB) for a total sum of N6.95 billion. This strategic move solidifies MTN Nigeria’s full ownership of the fintech subsidiary, enhancing its position in the rapidly growing financial services sector.
The transaction, completed on Monday, involved the purchase of shares from minority shareholders, which constituted approximately 10% of MoMo PSB’s equity. With this acquisition, MTN Nigeria now holds 100% ownership of MoMo PSB, further integrating the mobile money platform into its vast telecommunications and digital service ecosystem.
MoMo PSB, which began operations in May 2022, has swiftly expanded its services, providing financial inclusion to millions of Nigerians, particularly in unbanked and underbanked communities. The platform enables users to perform a wide range of financial transactions, including money transfers, bill payments, and mobile wallet services, all through their mobile phones.
Speaking on the acquisition, MTN Nigeria’s CEO, Karl Toriola, emphasized the company’s commitment to driving financial inclusion in Nigeria. “This buyout represents a significant milestone for MTN Nigeria as we continue to strengthen our fintech capabilities. By taking full control of MoMo PSB, we can accelerate our efforts to provide seamless and accessible financial services to Nigerians across the country,” Toriola stated.
The move is expected to boost MTN’s revenue streams as the company diversifies beyond its traditional telecom services into financial services, aligning with its broader strategy of becoming a leading technology-driven company in Africa.
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