Mtn Nigeria To Obtain Two Additional Payment Licences For Momo Psb

MTN Nigeria, the countrys biggest telco, has applied for Payment Service Solutions Provider PSSP and Payment Terminal Service Provider PTSP licences for its fintech subsidiary MoMo PSB , reflecting its growing focus on digital payments in Nigeria.

The PSSP license allows MoMo PSB to offer payment processing gateways, develop financial solutions, and provide merchant aggregation and collection services. With a PSSP license, MTN can process its payments, reducing what it currently pays to other PSSPs. Beyond fixing the internal payment needs of the telco business, MoMo PSB can also address the payment processing needs of merchants and partners.

The PTSP license will allow MoMo PSB to deploy and service POS terminals, develop POS applications, and offer training and support to over 302,000 merchants, agents, and 5.3 million users on the MoMo PSB platform.

These new licenses put MTNs fintech arm in direct competition with established platforms like Interswitch and Flutterwave. In the PoS market, MoMo PSB will be competing with leaders such as Moniepoint, Opay, and Palmpay.

MTNs other fintech subsidiary, Yello Digital Financial Services YDFS, applied for the licenses and paid ?200 million for them, according to the companys Q3 2024 report .