MTN MoMo Payment Service Bank (PSB) Launches
Discover a new world with MTN MoMo Payment Service Bank (PSB)
Now you can use the power of your phone to take control of your money. As a private individual you can make purchases, pay bills, send, receive and save money in an affordable way. Your phone is your connection to your money when you transact with MoMo.
Entrepreneurs are not excluded either. As a business owner, whether you are a small business looking for a mobile way to manage finances, or a large business looking for an easier way to pay staff salaries, MoMo PSB offers a range of solutions to increase efficiency and reduce your operating costs .
To get started, dial *671#
What You Can Do With MoMo PSB With Your Phone;
Buy Airtime & Bundles: Need call, data and SMS bundles quickly? Buy them on MoMo even if you’re not at MTN. Pay your bills: Skip the lines and pay council 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 save money. Collaboration: Request payments, create accounts, upload invoices and collect payments from your customers. Payouts: Pay vendors, employees, or groups of people using the MoMo Business bulk payment interface. Frequently Asked Questions about MTN MoMo Payment Service Bank (PSB);
Q. Who is MoMo Payment Service Bank?
A. MoMo Payment Service Bank (PSB) is a fully registered Limited Company with Corporate Affairs Commission (CAC) and licensed by the Central Bank of Nigeria (CBN) to provide financial services as set forth in the PSB framework.
Q. How can I open a MoMo PSB wallet?
A. It’s as simple as dialing *671# and entering a 4-digit PIN.
Q. How do I fund my MoMo PSB wallet?
A. Here’s how to transfer money from another bank account to your MoMo PSB wallet:
Go to your other banking app and choose ‘AccessYello and Beta’ as the bank name (Soon to be replaced by MoMo PSB) Enter your MoMo PSB number without the first 0 as the account number, which is ‘8032001234’ You can also deposit money into your MoMo PSB wallet at MoMo agents.
Q. What are the services MoMo PSB offers?
A. Send and receive money to/from any phone number, send and receive money to/from bank accounts, pay bills, buy airtime, withdraw cash, etc.
Q. How can I withdraw money from my MoMo PSB wallet?
A. You can withdraw money from your MoMo PSB wallet by visiting a MoMo agent or transferring it to other banks.
Q. What are the transaction limits on the MoMo PSB wallet?
A. There are three levels 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 at tier 1 level so you can only transact up to a maximum of N50,000. However, if you want to transact above that amount, you will need to upgrade your account by providing your BVN.
Q. Can I send money through my MoMo PSB wallet to my family and friend who does not have a bank account?
A. Yes, you can if they have a MoMo wallet. Just dial *671*1*1*Phone number#, enter the amount and pin.
Q. Is there a MoMo PSB app I can use to transact?
A. Yes. Go to the Google Play Store or Apple Store and search for the MoMo PSB app. (Available soon).
Q. Is there a 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 in other banks’ mobile banking app?
A. We will update customers as soon as banks update their interfaces with MoMo PSB.
Q. What if I send money to a customer who has not yet opened an account?
A. This is not available for now. We will advise you as soon as this functionality is live
Q. Who can we contact for problems?
A. Contact us via WhatsApp on 09030001782
For more information visit MTN MoMo Payment Service Bank (PSB) website
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