MTN Nigeria is set to sell 60% of its MoMo Payment Service Bank (PSB) to its parent company, MTN Group, as part of a strategic fintech spin-off. This move is subject to shareholder approval, with a crucial vote scheduled for Thursday.
The telecom giant, a leading player in Nigeria’s market, is seeking to enhance its fintech capabilities and streamline operations through this significant divestment. The backing from MTN Group aims to bolster MoMo's growth in the competitive financial services sector.