MoMo to Enable Inbound, Outbound Transfer Capabilities across Africa

Emma Okonji

MoMo Payment Service Bank (MoMo PSB) and Saana Capital LLC (“Brij”), a Central Bank of Nigeria (CBN) licensed International Money Transfer Operator (IMTO), have partnered to facilitate seamless inbound and outbound transfers across Africa, as well as convenient bill payment services.

The collaboration between MoMo PSB and Saana Capital LLC (“Brij”), marks a significant milestone in cross-border financial transactions within the African continent.

The partnership will enable MoMo PSB customers to send and receive money from various African countries directly using their MoMo accounts, thus eliminating the need for foreign currency or domiciliary accounts.

The innovative offering will also empower MoMo PSB’s customers with greater convenience, speed, and affordability when conducting cross-border transactions within Africa. The collaboration also includes a comprehensive bill payment solution to conveniently settle bills across various African countries. The feature provides individuals and businesses with a seamless and efficient method to meet their financial obligations across borders, enhancing convenience and promoting economic growth.

Speaking about the partnership, the CEO of MoMo PSB, Eli Hini, said: “We are thrilled to partner with Saana Capital LLC (“Brij”), to introduce groundbreaking service to our valued customers. The collaboration aligns with our commitment to providing 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.”

CEO of Saana Capital LLC (“Brij”), Nicholas Koros, said, “We are delighted to join forces with MoMo PSB in this strategic partnership. By combining our expertise in cross-border payment services with MoMo’s customer base and strong reputation, we can collectively revolutionise the way individuals and businesses manage their financial transactions across African borders. This collaboration underscores our shared vision of fostering financial inclusion and driving economic empowerment in Africa.”