MTN Nigeria has announced the successful acquisition of a 7.17% minority interest in Mobile Money Payment Service Bank (MoMo PSB) from Acxani Capital for approximately $4.36 million. This strategic investment marks a significant development for MTN Nigeria, as it now holds full ownership of MoMo PSB.
The acquisition was confirmed through a notice to shareholders on the Nigerian Stock Exchange, highlighting the transaction’s role in simplifying and strengthening MoMo PSB’s operations. This move aligns with MTN Nigeria’s growth strategy and enhances its capability to deliver a comprehensive range of mobile financial services.
MTN Nigeria received its final banking license clearance in 2022, enabling it to commence operations in the Payment Services Bank sector. The expanded services of MoMo PSB now include not only traditional person-to-person mobile money transfers but also additional offerings such as lending and bill payments.
Owning MoMo PSB fully is expected to significantly bolster MTN Group’s operations in Nigeria, the company’s most profitable market. Nigeria remains a central focus for MTN, contributing substantially to the group’s overall income and strategic goals.
This acquisition is a key step in MTN Nigeria’s effort to consolidate its position in the financial services sector and enhance its mobile money capabilities. The move reflects the company’s commitment to expanding its service portfolio and driving growth within its primary market.
MTN Nigeria’s latest acquisition underscores its dedication to strengthening its financial services and leveraging its market presence to support broader business objectives.
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