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Business News of Friday, 17 June 2022


MoMo payment service bank launched in Rivers

MTN Nigeria Communications Plc MTN Nigeria Communications Plc

MoMo Payment Service Bank (PSB) has been launched at  Oil Mill Market, Obio/Akpor Local Government Area, Port Harcourt, Rivers State to the excitement of Nigerians.

MoMo PSB had gotten final approval to launch full services in April this year from the Central Bank of Nigeria (CBN).  The permit allows the payment service bank to offer several services provided by commercial banks, the notable exceptions being disallowance from issuing credit and processing foreign exchange deals.

Speaking at the launch in Port Harcourt, Senior Manager, Sales and Trade Department (Rivers region), MTN Nigeria Communication Plc, Mr. Ohuwafasa Obazenu, explained the benefits of the MoMo PSB.

He said, “The major benefit of MoMo is that you will have a bank on your phone, and you will be able to buy airtime, and conduct a whole lot of transactions from the comfort of your phone.”

Miss Blessing Benedict Abuo, one of the canvassers who spoke to THISDAY at the launch of the new package said: “People that cannot go to the bank to do transactions like paying of NEPA bill, subscription of DSTV, GoTV and other transactions, can easily use their phones to make these transactions by dialling *671# and following the process of creating their wallets.”

She said more people were looking at the initiative as an opportunity for security.

THISDAY observed that there were lots of side attractions at the launch, aimed at attracting the attention and interest of prospective customers in the market and its environs.