In an effort to accelerate the growth of its mobile business to better meet demand, MTN Nigeria has announced that it plans to merge its payments company, Momo Payment Service Bank Limited, and its digital arm, Yello Digital Financial Services Limited (YDFS). A proposal that will be submitted to shareholders for approval at the annual general meeting scheduled for Tuesday, April 18.

Since the launch of its MoMo PSB payments banking unit in May 2022, MTN Nigeria has added 2 million new subscribers to fintech services. Indeed, the entity that will result from the merger envisaged by MTN Nigeria will hold the payment services banking license granted by Banque centrale du Nigeria (CBN) and will be en mesure de fournir “ super agent and d services ' é other é authorized activities ” . In reality, the initiative is part of MTN Nigeria's fintech strategy, which aims to accelerate the growth of MoMo PSB.

To achieve its goal, the company plans to reopen the Nigerian Interbank Settlement System (NIBSS) interface for outgoing transfers, and to intensify business activities focused on the growth of active portfolios, while continuing to improve its governance framework and control environment.