MoMo Payment Service Bank (PSB) has entered into a strategic collaboration with Saana Capital, an internationally licensed cross-border company authorized by the Central Bank of Nigeria (CBN). This partnership aims to facilitate bill payment services and establish seamless inbound and outbound transfer capabilities across the African continent.
Incorporating both inbound and outbound services, this collaboration empowers individuals and businesses to conveniently send and receive money. In the context of inbound payment transfers, funds are received from various sources, including online sales, invoices, and subscriptions. On the other hand, outbound payment transfers involve sending funds to partners, suppliers, employees, and other entities to cover obligations such as bills, salaries, and taxes.
Previously, the availability of the inbound service was limited to customers seeking to send money from Uganda and Rwanda. However, with this newly forged partnership, this service, inclusive of payment functionalities, will be extended to benefit individuals across Africa.
Presently, MoMo subscribers within approximately 15 markets, including Nigeria, Ghana, Sudan, Ivory Coast, Uganda, Zambia, Benin, Cameroon, South Africa, and Madagascar, have surpassed 51 million as of August 2022 under the MTN MoMo network.
