MoMo Payment Service Bank (PSB) has teamed up with Saana Capital, a cross-border company holding a license from the Central Bank of Nigeria (CBN), to facilitate bill payment services and frictionless inbound and outbound transfers across Africa.
Inbound services encompass receiving funds, including those from online transactions, invoices, or subscriptions. Outbound services involve transferring funds to various recipients, such as partners, suppliers, and employees, or for purposes like bills, salaries, or taxes.
Formerly, the inbound service solely catered to individuals interested in sending money from Uganda and Rwanda. However, through this collaboration, Africans will now have the opportunity to access this service, inclusive of its payment features.
As of August 2022, MTN MoMo boasted over 51 million MoMo subscribers across approximately 15 markets, including Nigeria, Ghana, Sudan, Ivory Coast, Uganda, Zambia, Benin, Cameroon, South Africa, and Madagascar.
According to a statement, MoMo customers in Nigeria will receive SMS notifications whenever funds are sent to their wallets from the specified countries. The local currency equivalent will also be credited to their MoMo wallet at the transfer time
This partnership eliminates MoMo PSB customers’ need to possess foreign currency or domiciliary accounts for conducting direct money transfers and receipts across various African nations using their MoMo accounts.
Eli Hini, CEO of MoMo PSB, remarked, “This collaboration aligns with our dedication to provide innovative financial solutions that cater to the evolving requirements of our customers. Through this service, we’re enhancing the accessibility, efficiency, and cost-effectiveness of cross-border transfers and bill payments throughout Africa.”
This development follows shortly after MTN’s announcement that Mastercard had agreed to acquire a minority stake in its $5.2 billion fintech division.