Payment Service Bank (PSB)

Discover A New World With MoMo Payment Service Bank (PSB)

Now, you can use the power of your phone to take control of your money. As an individual, you can make purchases, pay bills, send, receive and save money the affordable way. Your phone is your connection to your money when you transact with MoMo.

Business owners are also not left out. As a business owner, whether you’re a small business looking for a mobile way to manage finances, or a big business looking for an easier way to pay staff salaries, MoMo PSB offers a range of solutions to increase efficiency and decrease your operating costs.

To get started,

What you can do with MoMo PSB Using Your Phone

  • Buy airtime & bundles: Need airtime, data and SMS bundles quickly? Buy them on MoMo, even if you’re not with MTN.
  • Pay your bills: Skip the queues and pay municipal bills, school fees, DSTV and more with your MoMo account.
  • Start saving: It’s never too late to start saving, even if you don’t have a bank account. Use MoMo to start saving money.
  • Collaboration: Request payments, create bills, upload invoices and collect payment from your customers.
  • Disbursements: Pay suppliers, employees or any groups of people with the MoMo Business bulk disbursement interface.

Q. Who is MoMo Payment Service Bank?

A. MoMo Payment Service Bank (PSB) is a fully registered limited liability company with Corporate Affairs Commission (CAC) and licensed by the Central Bank of Nigeria (CBN) to offer financial services as outlined in the PSB framework.

Q. How can I open a MoMo PSB wallet?

A. It is as simple as dialling *671#, inputting a 4-digit pin.

Q. How do I fund my MoMo PSB wallet?

A. You can transfer money from another bank account into your MoMo PSB wallet by doing the following:

  • Go to your other bank app and choose ‘AccessYello and Beta’ as the bank name (Soon to be replaced by MoMo PSB)
  • Input your MoMo PSB number without the first 0 as account number, i.e. ‘8032001234’
  • You can also deposit money into your MoMo PSB wallet at MoMo agents.

Q. What are the services offered by MoMo PSB?

A. Send and Receive money to/from any phone number, Send and Receive money to/from any bank accounts, Pay Bills, Buy Airtime, Withdraw cash etc.

Q. How can I withdraw cash from my MoMo PSB wallet?

A. You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent or transferring to other banks.

Q. What are the transaction limits on the MoMo PSB wallet?

A. There are three tiers of transaction limits:

Tier 1 – Maximum single transaction limit of N50,000, daily transaction limit of N100,000 and maximum cumulative balance of N300,000.

Tier 2 – Maximum single transaction limit of N200,000 and maximum cumulative balance

of N500,000.

Tier 3 – Maximum single transaction limit of N5,000,000 and no limit on cumulative balance.

Q. Can I transact above N50,000 from my MoMo PSB wallet?

A. Yes, you can if you are in tier 2 or 3.

Once you open your MoMo wallet, it will be on a tier 1 level, allowing you to only transact with a maximum of N50,000. Still, if you want to perform transactions above that amount, you will need to upgrade your account by providing your BVN.

Q. Can I send money to my family and friend that does not have a bank account via my MoMo PSB wallet?

A. Yes, you can if they have a MoMo wallet. Simply dial *671*1*1*Phone Number#, then enter the amount and pin.

Q. Is there a MoMo PSB App that I can use to transact?

A. Yes. Visit the Google Play Store or Apple Store and search for the MoMo PSB app. (Coming soon).

Q. Is there any relationship between MTN and MoMo PSB?

A. Yes! MoMo PSB is a subsidiary of MTN Nigeria Communications PLC.

Q. When will MoMo PSB be listed on the mobile banking app of other banks?

A. We will update Customers as soon as the banks update their interfaces with MoMo PSB.

Q. What if I am sending money to a Customer that has not yet opened an account?

A. For now, this is unavailable. We will advise once this functionality is live

Q. Who can we reach out to for issues?

A. Please get in touch with us via WhatsApp on 09030001782