MoMo Payment Service Bank is a fully registered limited liability compony with Corporate Affairs Commission (CAC) and licensed by the Central Bank of Nigeria (CBN) to offer financial services as outlined in the PSB Framework. This enables MTN to provide financial services to the underserved and unbanked in Nigeria.
Last month, MTN received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday.
After waiting for over 2 years for the permit, MTN Group LTD now have the leave to operate virtually all the services offered by conventional commercial banks with the exception of granting credit and processing foreign exchange transactions.
MoMo PSB is a subsidiary of MTN Nigeria Communications PLC.
How To Have An MTN MoMo Bank Account
To become a customer, it is as simple as dialing *671# and inputting a 4-digit pin.
Other FAQs On MoMo PSB
Q. What are the services offered by MoMo PSB?
• Send and Receive money from any phone number
• Send and Receive money from any bank accounts
• Pay Bills,
• Buy Airtime,
• Withdraw Cash etc.
Q. Is MoMo PSB only For MTN customers?
A. No, any customer on any network can open a MoMo PSB wallet.
Q. How do I fund my MoMo PSB Wallet ?
A. You can transfer money from another bank account into your MoMo PSB wallet by doing the following:
• Go to your other bank app and choose ‘AccessYello and Beta’ as bank name (Soon to be replaced by MoMo PSB)
• Input your MoMo PSB number without the first 0 as account number i.e. ‘8032001234’
You can also deposit money into your MoMo PSB wallet at MoMo agents.
Q. How do I withdraw cash from my MoMo PSB Wallet?
A. You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent.
Q. What are the transaction limits on the MoMo PSB wallet?
A. There are 3 tiers of transaction limits:
Tier 1 – Maximum single transaction limit of N50,000, daily transaction limit of N100,000 and maximum cumulative balance of N300,000.
Tier 2 – Maximum single transaction limit of N200,000 and maximum cumulative balance
Tier 3 – Maximum single transaction limit of N5,000,000 and no limit on cumulative balance
Q. Can I send money to my family and friend that does not have a bank account via my MoMo PSB wallet?
A. No. For now it is a Pilot limited only to staff. We will update you once it is available to family and friends.
Q. Is there a MoMo PSB App that I can use to transact?
A. Yes. Visit the Google Play Store or Apple Store and search for MoMo PSB app