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This Transaction is Crucial: MTN Buys Bank, Details of Transaction Emerge [Video]

  • Following an expenditure involving millions of dollar, MTN Nigeria has acquired a 7.17% minority interest in Mobile Money Payment Service Bank
  • The telecommunications company announced that the deal was finalised and that MTN Nigeria now fully owns MoMo PSB
  • The telecom company was able to commence operations in 2022 after receiving the final permission for its banking license

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

MTN Nigeria has successfully purchased a 7.17% minority stake in Mobile Money Payment Service Bank (MoMo PSB), which was formerly owned by Acxani Capital.

A broader variety of mobile financial services, including loans and bill payment, are provided by MTN Nigeria’s Payment Services Bank. Photo Credit: MTNSource: UGC

The telecom business announced on the Nigerian Stock Exchange that it had completed the transaction and that MTN Nigeria now owns MoMo PSB in its entirety.

In a notice on the NGX, it stated:

“Management believes this transaction …

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