MTN users should be familiar with the newly launched MoMo Payment Service Bank which formally began operations some days back after receiving final approval for a Payment Service Bank (PSB) license from the Central Bank of Nigeria (CBN).

With the MoMo PSB, mobile banking should be easier for everyone since getting an account is stress-free, and with an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, it is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products.

After its launch, MTN has decided to reward every customer with N100 airtime for completing a short task relating to their newly launched subsidiary. The reward is little but worth it. To get this airtime, all you have to do is:

• Dial *671# on your MTN SIM.
• Create a 4-digit PIN.
• After doing all of this, you will get an SMS confirming the N100 bonus credited to your MoMo PSB wallet/account.
• Dial *671# again, reply with 2 to buy airtime, follow the prompt and send the airtime to your desired MTN number.

It’s that simple. For those of you not aware, you can as well use the newly created MoMo account. Here’s how to transfer money from another bank account into your MoMo PSB wallet by doing the following:

• Go to your other bank app and choose ‘AccessYello and Beta’ as the bank name (Soon to be replaced by MoMo PSB)
• Input your MoMo PSB number without the first 0 as an account number, i.e. ‘8032001234’
• You can also deposit money into your MoMo PSB wallet at MoMo agents.
• You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent or transferring it to other banks. The PSB currently has 166,000 active agents across the country.

Individuals can make purchases, pay bills, send, receive, and save money in a cost-effective manner. When you transact with MoMo, your phone is your link to your money.

Business owners are not excluded. As a business owner, MoMo PSB offers a variety of solutions to increase efficiency and lower operating costs, whether you are a small business looking for a mobile way to manage finances or a large business looking for an easier way to pay staff salaries. On your phone and app, you can:

• Buy airtime & bundles
• Pay bills
• Save money
• Collaboration: Request payments, create bills, upload invoices, and collect payments from your customers.
• Disbursements: Pay suppliers, employees, or any groups of people with the MoMo Business bulk disbursement interface.
• Financial Services: Financial loans and savings to accelerate your business growth.