MTN Nigeria has successfully acquired a 7.17% minority stake in Mobile Money Payment Service Bank (MoMo PSB) from Acxani Capital, making it a wholly owned subsidiary.
The transaction, valued at approximately $4.36 million (₦6.95 billion), was confirmed on the Nigerian Stock Exchange.
This acquisition is expected to simplify and strengthen MoMo PSB's operations, which is crucial for achieving its growth ambitions.
MoMo PSB, launched in April 2022 after receiving a license from the Central Bank of Nigeria (CBN), aims to provide a broader range of mobile financial services beyond traditional person-to-person transfers.
These services include lending, bill payments, and facilitating diaspora remittances. Since its inception, MoMo PSB has created 4.2 million wallets within two months, highlighting its potential to improve financial service delivery in Nigeria.
The acquisition aligns with MTN Group's strategy to enhance its operations in its most profitable market, Nigeria, which remains a significant source of revenue for the company.
The telecom giant believes that full ownership of MoMo PSB will bolster its financial services offerings, targeting the unbanked and underserved market segments.
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