MoMo Payment Service Bank (MoMo PSB) and Saana Capital LLC (“Brij”), a Central Bank of Nigeria (CBN) licensed International Money Transfer Operator (IMTO), have announced a strategic partnership to facilitate frictionless inbound and outbound transfers across Africa, as well as convenient bill payment services.
The collaboration between MoMo PSB and Saana Capital LLC (“Brij”) represents a significant advancement in cross-border financial transactions within the African continent.
Through this partnership, MoMo PSB customers will be empowered to send and receive money directly from various African countries using their MoMo accounts, eliminating the need for foreign currency or domiciliary accounts.
This innovative offering is set to provide MoMo PSB customers with increased convenience, speed, and affordability for cross-border transactions within Africa.
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The partnership also encompasses a comprehensive bill payment solution, enabling individuals and businesses to efficiently settle bills across different African countries.
This feature simplifies financial obligations across borders, fostering convenience and contributing to economic growth.
Eli Hini, CEO of MoMo PSB, expressed enthusiasm about the partnership, stating, “We are thrilled to partner with Saana Capital LLC (“Brij”) to introduce this groundbreaking service to our valued customers. This collaboration resonates with our commitment to deliver innovative financial solutions that cater to the evolving needs of our customers. With this service, we are making cross-border transfers and bill payments across Africa more accessible, efficient, and cost-effective than ever before.”
Nicholas Koros, CEO of Saana Capital LLC (“Brij”), shared his excitement about the strategic alliance, saying, “We are delighted to join forces with MoMo PSB in this strategic partnership. By leveraging our expertise in cross-border payment services alongside MoMo’s customer base and strong reputation, we can collectively transform the way individuals and businesses manage financial transactions across African borders. This collaboration underscores our shared vision of promoting financial inclusion and driving economic empowerment in Africa.”
Currently, the inbound service is available for customers who intend to send money from Uganda and Rwanda. In the following weeks, MoMo PSB customers can expect the availability of inbound transfers from other African countries, along with outbound transfer and bill payment services.
For inbound transfers, MoMo customers in Nigeria will receive SMS notifications when funds are sent to their wallets from eligible countries.
The equivalent amount in the local currency will be credited to their MoMo wallet based on the prevailing exchange rate.
To open a MoMo account, MTN subscribers can dial *671# on their phones to initiate the process. The MoMo mobile app is also downloadable from the Google Play Store or Apple App Store for added convenience.
