MTN Proposes Merger of Two of Its Finance Companies

Telecommunications company, MTN Nigeria, has proposed a merger of its two finance subsidiaries; Momo Payment Service Bank Limited and Yello Digital Financial Services Limited.

Momo PSB is the payments unit of MTN Nigeria Communications Plc, which began operations in 2022 on the same day that rival Airtel Africa announced a similar move by its fintech arm.

Speaking about Momo PSB, MTN Nigeria’s CEO, Karl Toriola said that it supports the Federal government’s “drive towards financial inclusion in Nigeria.

He said the proposed resolutions will kick-off during the company’s 2023 Annual General Meeting (AGM), scheduled to hold the April.

The company said that the proposed merger would “hold the Payment Service Bank licence granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities.”