MTN Nigeria is focusing on enhancing digital payment in Nigeria with a two new applications of payment licenses for its fintech MoMo from the central bank of Nigeria. The telecommunication company has submitted an applications for Payment Service Solutions Provider (PSSP) License and Payment Terminal Service Provider (PTSP) License for its Fintech Arm known as MoMo PSB.
The PSSP license will give MoMo PSB privileges to offer payment gateway services to business (most especially e-commerce websites), create financial solutions e.g agency banking, and provide merchant aggregation and collection services e.g like OPay’s Business Developer.
Through this PSSP license, MTN Nigeria will be able to handle its MoMo payment processing, reducing its reliance on external PSSPs and lowering associated costs. In addition to meeting MTN’s internal payment requirements, MoMo PSB can now support the payment processing needs of merchants and business partners.
The PTSP license, on the other hand, will allow platform 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 position MTN’s MoMo to compete directly in the Nigeria’s Financial Landscape with established players like Interswitch, Paystack and Flutterwave. In the point-of-sales (POS) market, the MTN’s fintech am will go head-to-head with leading providers such as Moniepoint, OPay, Nomba and PalmPay.
