MTN Nigeria Communications Plc, said a total of 4.2 million customers have subscribed to the services of its subsidiary, the Mobile Money (MoMo) business which has been licensed under the Payment Service Bank (PSB) program of the Central Bank of Nigeria (CBN) in May 2022. .

This was included in its unaudited report made available recently by the telecommunications giant.

According to the report, only 2.4 million of the 4.2 million subscribers are currently active on MoMo Payment Service Bank. However, despite the high percentage of inactive customers, the telecom company said it has processed seven million transactions since its launch on May 16, 2022.

The CBN introduced the PSB license to increase financial inclusion and reduce the number of unbanked adults in Africa’s largest economy, Nigeria.

According to the apex bank, this would help increase the number of people in the tax net and subsequently increase tax revenue.

While the CBN seeks to use the PSB license to deepen the country’s financial system, MTN Nigeria, Airtel Africa and other licensed companies seek to increase their revenue generation through PSB activities.

Speaking on the importance of the PSB license to MTN Nigeria’s long-term strategy, Karl Toriola, CEO of MTN Nigeria said, “This is an important milestone for MTN Nigeria in our mission to support the provision of financial services to all in Nigeria. Not just those in urban centers and markets, but also those in rural and remote areas of the country who remain excluded from the financial system.

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