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Tag: MoMo PSB

  • MoMo PSB partners LSSBI Advisory on tax payments

    MoMo PSB partners LSSBI Advisory on tax payments

    MoMo PSB has entered into partnership with Leadership Strategy Sustainability Business Innovation (LSSBI) Advisory to enhance financial inclusion and streamline tax payments in Ekiti, Nasarawa, and Rivers states.

    The collaboration introduced MoMo as the official payment platform for taxpayers, enabling easy and convenient payments via the USSD code *5229#.

    According to the parties, the partnership aims to boost compliance, drive revenue development, and promote financial autonomy for marginalised communities.

    Key stakeholders highlighted the significance of this collaboration in closing the financial gap and promoting economic growth.

    They noted that with the initiative, MoMo PSB has reaffirmed its commitment to providing accessible and user-friendly financial services to all Nigerians, particularly the unbanked and underbanked populations.

    They said the launch of the USSD code *5229# demonstrated MoMo PSB’s dedication to expanding financial inclusion and promoting digital payments.

    Ekiti State officials lauded the partnership, commenting on the convenience of using the MoMo payment platform, while emphasising its potential to increase tax compliance and benefit local communities. The collaboration is part of a broader initiative to empower citizens with financial autonomy, encourage saving, and promote responsible money management.

    Read Also: MoMo PSB calls for API integration

    As the rollout begins in Ekiti, Rivers, and Nasarawa, MoMo PSB and LSSBI Advisory aim to expand the initiative nationwide, encouraging other states and private sector partners to explore similar collaborations, leveraging technology to improve access to financial services. This partnership marks a new era in tax payment solutions, prioritising efficiency, inclusivity, and financial empowerment for all Nigerians.

    MoMo PSB, established in May 2022 as the fintech division of MTN Nigeria, continues to focus on delivering user-friendly, accessible, and affordable financial services to both new and existing customers across Nigeria.

  • MoMo PSB calls for API integration

    MoMo PSB calls for API integration

    MoMo Payment Service Bank (PSB) has called for integration of Application Programming Interface (API) across Africa as part of efforts to drive innovation, efficiency and market reach for businesses across the continent.

    An API is a set of protocols and tools that allow different software applications to communicate with each other. By using APIs, developers can integrate new functionalities into their applications without having to build these features from scratch. This can significantly accelerate development processes, reduce costs, and enable more seamless user experiences.

    Nigeria has the biggest market for the world’s largest tech companies. This is largely due to its vast population, which provides a substantial consumer base, and its rapidly growing digital economy. Tech giants are increasingly recognising the potential of Nigeria’s tech market and are making significant contributions to the Nigerian economy. By enabling businesses to monetise data, forge profitable partnerships, and open new pathways for innovation and growth, APIs can drive digital transformation and shape the future of software development.

    Elsa Muzzolini, Chief Commercial Officer, MoMo PSB, emphasised the broader impact of API integration in her opening remarks. “In the face of challenging macroeconomic conditions, we believe that we all have a role to play in creating services and jobs for Nigerians.”

    Emphasising the transformative potential of APIs for the tech community, Muzzolini said “Innovators across Nigeria are encouraged to harness the robust infrastructure provided by MoMo. By developing services on the MoMo platform, they can pioneer solutions that will transform access to digital financial services for Nigerians.” 

    Read Also: MoMo PSB recommits to financial inclusion

    No matter where you are located, you can engage with MoMo support and incorporate MoMo as a payment option on your platform. The MoMo API can be used to integrate a diverse range of products, catering to sectors such as fintech, e-commerce, payments, and collections. Our vision is to empower every visionary with our API, providing them with the tools to turn their innovative ideas into successful businesses.”

    Speaking at the event, Dwaipayan Ghosh, Head, Fintech Platform Architecture, MoMo PSB, provided insights into the layered architecture of the MoMo API Platform. Ghosh described the platform as “A combination of multiple platforms with a layered architecture.” He emphasised that each layer, starting from the interface where partners connect to the core banking application, incorporates robust security measures.

    Elaborating on the platform’s commitment to maintaining the highest standards of data integrity, Ghosh stated that “Not only is the data encrypted, but it is also subjected to rigorous integrity checks at every layer. This ensures that the data remains consistent and accurate throughout its lifecycle.”

    The event underscored the collaborative spirit necessary for building a robust API ecosystem. By bringing together various stakeholders, from developers to business leaders, it highlighted the importance of shared knowledge and resources in driving technological advancements. The presence of partners, including AgriTech providers, educational technology services, and payment aggregators, demonstrated the diverse applications and industries that can benefit from API integration.

  • MoMo PSB recommits to financial inclusion

    MoMo PSB recommits to financial inclusion

    Chief Executive Officer, MoMo Payment Service Bank (PSB), Eli Hini has reiterated the commitment of the firm to financial inclusion.

    Hini said MoMo PSB offers a platform that exposes SMEs to a wider customer base and connects them with valuable services like easy online payments, international remittance options, and the ability to accept payments from any source.

    “These solutions eliminate the need for cash transactions, saving time, reducing risk, and offering clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth,” Hini said.

    As part of a month-long celebration marking MoMo PSB’s second-year anniversary, industry leaders, policymakers, and other stakeholders gathered at the Eko Hotel Convention Centre in Victoria Island to discuss financial inclusion and solutions for SMEs in Nigeria. The MoMo Stakeholders’ Conference served as a platform for deliberations on the evolving landscape of financial services in Nigeria. MoMo PSB was formally licensed in April 2022, reflecting the commitment of the Central Bank of Nigeria (CBN) to advance financial inclusion in Nigeria.

    Mobile money has become a significant driver of economic growth and financial inclusion across Sub-Saharan Africa, particularly in countries like Nigeria, Ghana, and Senegal. According to the Groupe Speciale Mobile Association (GSMA), a global organization unifying the mobile ecosystem, the region boasts almost three-quarters of the world’s mobile money accounts, with Nigeria and Ghana playing pivotal roles in driving this growth. The industry has seen exponential growth since 2013, with registered mobile money accounts in West Africa doubling during this period. This surge in mobile money adoption has not only facilitated financial transactions but has also contributed significantly to the GDP of countries with mobile money services.

    For instance, between 2013 and 2022, mobile money contributed over $150 billion to Sub-Saharan Africa’s GDP, representing a 3.7 percent increase.

    Read Also: Layi Wasabi to represent MoMo PSB as The Law

    In tandem with the growth of mobile money adoption, there has been a corresponding increase in mobile agents, particularly in Sub-Saharan Africa. In 2023 alone, registered agents grew to 18.6 million, while active agents reached 8.3 million. These agents have played a crucial role in digitizing financial transactions, accounting for more than two-thirds of all money entering the mobile money ecosystem. This surge in mobile money penetration has significantly improved financial inclusion and access to digitally enabled services across the region.

    MoMo PSB, a prominent player in Nigeria’s digital financial services sector, is strategically utilizing its vast network of agents and merchants to further advance financial inclusion and promote digital transactions. With over 3.1 million agents and 1.8 million merchants, MoMo PSB is poised to offer accessible and affordable financial services to millions of unbanked and underserved individuals across Nigeria. This extensive network not only facilitates seamless transactions but also serves as educational hubs, enlightening users about the advantages of digital financial services. By expanding its agent and merchant base, MoMo PSB aims to deepen financial penetration, drive economic empowerment, and contribute to the overall growth and stability of Nigeria’s economy.

    The Stakeholder Conference featured panel discussions, presentations, and insights from policy regulators, industry players, and SME experts on key issues within the digital economy sector, addressing various aspects of Nigeria’s financial services landscape. Discussions revolved around regulatory frameworks, technological innovations, and strategies for enhancing financial inclusion, with a particular focus on empowering small and medium-sized enterprises (SMEs).

    The event also featured the unveiling of new SME Digital Solutions: Merchant App, MID, Open API, Remittance. These tools will empower SMEs by simplifying transactions (in-store, online, and mobile), streamlining financial management through API integration, and unlocking international opportunities with remittance services.

    The MoMo PSB Stakeholders’ Conference provided an important platform for advancing discussions on regulatory frameworks, technological innovations, and collaborative strategies essential for promoting financial inclusion and economic empowerment.