MoMo To Enable Inbound/Outbound Transfer Capabilities Across Africa
Fred Omotara, Lagos
MoMo Payment Service Bank (MoMo PSB) and Saana Capital LLC (“Brij”), a Central Bank of Nigeria (CBN) licensed International Money Transfer Operator (IMTO),have announced plans  to facilitate seamless inbound and outbound transfers across Africa, as well as convenient bill payment services.
MoMo logo
In a statement signed on Thursday by Lakinbofa Goodluck of MTN Nigeria Corporate Affairs Services unit, a copy made available to kadecommunicationng, the FinTech firms said that the collaboration between MoMo PSB and Saana Capital LLC will allow Customers to send and receive money from various African countries directly using their MoMo accounts, eliminating the need for foreign currency or domiciliary accounts.
According to the statement from MTN Nigeria, “The collaboration between MoMo PSB and Saana Capital LLC (“Brij”), marks a significant milestone in cross-border financial transactions within the African continent. With this partnership, MoMo PSB customers will be able to send and receive money from various African countries directly using their MoMo accounts, eliminating the need for foreign currency or domiciliary accounts.”
“This innovative offering will empower MoMo PSB’s customers with greater convenience, speed, and affordability when conducting cross-border transactions within Africa. The collaboration also includes a comprehensive bill payment solution to conveniently settle bills across various African countries. The feature provides individuals and businesses with a seamless and efficient method to meet their financial obligations across borders, enhancing convenience and promoting economic growth.
“We are thrilled to partner with Saana Capital LLC (“Brij”), to introduce this groundbreaking service to our valued customers.
“This collaboration aligns with our commitment to providing 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,” said Eli Hini, CEO of MoMo PSB.
Nicholas Koros, CEO of Saana Capital LLC (“Brij”), stated, “We are delighted to join forces with MoMo PSB in this strategic partnership. By combining our expertise in cross-border payment services with MoMo’s customer base and strong reputation, we can collectively revolutionise the way individuals and businesses manage their financial transactions across African borders. This collaboration underscores our shared vision of fostering financial inclusion and driving economic empowerment in Africa.”
Inbound service is currently available to customers who wish to send money from Uganda and Rwanda. Inbound transfers from other African countries, as well as outbound transfer and bill payment services, will be available to MoMo PSB customers in the coming weeks.
For inbound transfers, MoMo customers in Nigeria will be notified via SMS whenever money is sent to their wallets from countries enlisted, and the local currency equivalent will be credited to their MoMo wallet at the prevailing exchange rate.
To open a MoMo account, MTN subscribers can dial *671# on their phone to begin.   The MoMo mobile app option is also available for download on the Google play store or Apple App store
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