MoMo Payment Service Bank (PSB) and Saana Capital, an international cross-border company with a licence from the Central Bank of Nigeria (CBN), have partnered to enable bill payment services and seamless inbound and outbound transfers throughout Africa.
Inbound and outbound services enable you to receive and send money. Inbound payment transfers, such as those from online sales, invoices, or subscriptions, involve receiving funds from customers. Transferring funds to partners, suppliers, employees, or other parties for several things, such as bills, salaries, or taxes, is an outbound payment transfer.
Previously, the inbound service was only available to customers who wanted to send money from Uganda and Rwanda. However, the partnership will give Africans access to this service, which includes payment services.
In about 15 markets, including Nigeria, Ghana, Sudan, Ivory Coast, Uganda, Zambia, Benin, Cameroon, South Africa, and Madagascar, MTN MoMo had over 51 million MoMo subscribers as of August 2022.
Per a statement, MoMo customers in Nigeria will be notified via SMS whenever anyone sends money to their wallets from the countries mentioned. It will also add the local currency equivalent to their MoMo wallet at the transfer time.
Because of this collaboration, MoMo PSB customers will not need foreign currency or domiciliary accounts to send and receive money directly from different African nations using their MoMo accounts.
CEO of MoMo PSB, Eli Hini, said, “This collaboration resonates with our commitment to deliver innovative financial solutions that cater to the evolving needs of our customers. With this service, we are making cross-border transfers and bill payments across Africa more accessible, efficient, and cost-effective than ever before.”
This news comes a few days after MTN announced that Mastercard had agreed to buy a minority stake in its $5.2 billion fintech division.