MTN MoMo PSB — Nigeria's licensed mobile bank, and MTN's pan-African rail
MoMo PSB is a CBN-licensed Payment Service Bank — a real bank you open from your phone. This hub explains what it is, how to open one, how to receive from abroad and send to Africa, the fees, and where the bank/wallet model is spreading across the continent.
Updated June 2026 · sources: momo.ng, momo.mtn.com, CBN PSB framework
Is MoMo PSB a real bank, and is it safe?
Yes. MoMo PSB is a licensed Payment Service Bank, authorised by the Central Bank of Nigeria in 2022. It is a real, regulated deposit-taking bank you open from your phone — not just a wallet. What makes it a PSB rather than a full commercial bank is what it cannot do: under CBN rules a PSB may not lend and may not deal in foreign exchange.
- Take naira deposits, hold wallets & accounts
- Issue debit / prepaid cards
- Run domestic transfers, bills & airtime
- Receive inbound international transfers
- Grant loans or any credit
- Deal in the FX / forex market
- Accept foreign-currency deposits
- Underwrite insurance
Source: CBN Payment Service Bank framework; momo.ng.
Where does MoMo PSB operate? The continental footprint
A "bank" only in Nigeria — a "wallet" everywhere else. The honest map, June 2026.
| Country | Model | Notes |
|---|---|---|
| Nigeria | Payment Service Bank (licensed) | CBN PSB licence (2022). The flagship: deposits, accounts, cards, inbound + to-Africa transfers. |
| Ghana | Mobile-money wallet | MTN MoMo wallet (not a PSB/bank licence). The largest MoMo market by users. |
| Uganda | Mobile-money wallet | MTN MoMo wallet, regulated by the Bank of Uganda's NPS framework. |
| Cameroon | Mobile-money wallet | MTN MoMo wallet (BEAC/CEMAC zone). Wallet, not a bank. |
| Zambia | Mobile-money wallet + 2026 remittances | MTN MoMo wallet. In 2026 MTN launched flat-fee international transfers from MoMo to EU/UK/Canada — wallet model, not a PSB. |
Sources: momo.ng, MTN Group / national regulators; 2026 Zambia remittance launch widely reported. Country status verify with the local operator.
MoMo PSB fees & charges
Domestic transfers carry small flat charges, sending to Africa is a flat 3%, and the CBN's ₦50 EMTL levy applies to transfers of ₦10,000 and above. The full, dated tier grid lives on our Nigeria fee page — and you can run any amount through the calculator.
MoMo PSB vs other Nigerian PSBs & fintechs
Not all "mobile banks" are PSBs. Only telco-backed PSBs (MoMo, SmartCash, 9PSB) hold the CBN PSB licence; the popular fintech apps are licensed differently.
Licence status as of June 2026; compare live fees on each provider's page. Verify with provider.
KYC tiers & cross-border limits
| Tier | To open | Cross-border / day |
|---|---|---|
| Tier 1 | NIN (phone-number self-onboarding) | ₦50,000 |
| Tier 2 | BVN + valid ID | ₦200,000 |
| Tier 3 | BVN + ID + proof of address | ₦5,000,000 |
Cross-border daily limits: momo.ng/internationaltransfers. Wallet balance limits follow the CBN tiered-KYC standard — verify current figures with the provider.
Frequently asked questions
Yes. MoMo PSB is a licensed Payment Service Bank, authorised by the Central Bank of Nigeria (CBN) in 2022. It can take deposits, hold accounts, issue cards and move money — but CBN PSB rules bar it from lending and from dealing in foreign exchange. Deposits sit with a regulated bank.
Under CBN rules a PSB cannot grant loans or credit, cannot deal in the foreign-exchange market, and cannot accept foreign-currency deposits. It can take naira deposits, run wallets and accounts, issue debit/prepaid cards, sell airtime and run domestic and inbound cross-border transfers.
Nigeria is the only market where MTN MoMo holds a full Payment Service Bank licence. In Ghana, Uganda, Cameroon, Zambia and other MoMo markets it operates as a regulated mobile-money wallet, not a bank. Zambia added flat-fee international transfers in 2026, still on the wallet model.
Yes — Tier 2/3 wallets (BVN verified) can receive inbound international transfers. MoMo adds no percentage fee to receive; the only recipient-side deduction is the CBN's ₦50 EMTL levy on transfers of ₦10,000 and above. The real cost sits with the sender (their fee + FX margin).