What is MTN MoMo PSB? Account, fees and receiving money
Wondering what MTN MoMo PSB is, whether it's a real bank, how to open an account, or how to receive money from abroad? MoMo PSB is a CBN-licensed Payment Service Bank you open from your phone. This guide covers what it is and whether it's safe, how to open one (*671#), the fees, receiving from abroad, sending to Africa, and where MoMo operates as a bank versus a wallet.
Updated June 2026 · sources: momo.ng, momo.mtn.com, CBN PSB framework
Nigeria is the one market where MTN MoMo is a bank. For fees in MTN's other 13 MoMo markets, see the MTN MoMo fee hub →
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.
Which countries does MoMo PSB operate in?
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).