Why Should I Open an MTN MoMo PSB Wallet?

Share this Post

The MTN MoMo service is an MTN Mobile financial service provided by Yello Digital Financial Services (YDFS). This platform offers users a convenient and secure way to perform various financial transactions using their mobile devices. YDFS, in turn, operates as a subsidiary of MTN Nigeria, a prominent and leading provider of communication services in Africa.

Website with Centered Ads Container
Continue reading below

MoMo PSB provides an easy way to transact, especially in states where banking infrastructure and internet access are limited, allowing people to easily transfer money, pay for goods and services, and save money.

It is a widely accepted method of transacting in countries where it is available, and it is quick and simple to use. The technology is likely to gain popularity and become the standard method of conducting transactions in the future.

Why you Should Open An MTN MoMo Agent OR A PSB Wallet

A MoMo wallet has all the banking features you need to scale your business high, only that it does not grant loans and currency exchange.

With MoMo you can,

  • Transfer and receive money from different MoMo wallets and banks.
  • Save money for the future, it is very secured.
  • Buy and sale data bundles and airtime for all Networks in Nigeria.
  • Deposit and withdraw money by visiting any MoMo point of sale (POS) agent.
  • Earn 3.75% as commission for each airtime sale.
  • Refer and earn rewards for each new user you successfully register into the system.

You see, MTN stands tall as one of Nigeria’s major communication service providers, boasting an expansive network that blankets the nation. Now, what makes this especially cool is the fact that their MoMo service steps in where traditional banking might struggle to reach. I want you to see MoMo like your financial sidekick, available to help you out no matter where you are, bridging the gaps that regular banking systems can’t.

And here’s the nifty part about the MoMo PSB wallet – even if your MTN signal decides to play hide-and-seek in your area, no worries! All your transactions can still smoothly sail through. So, it’s not just about a strong network; it’s about making sure your money moves seamlessly, no matter the signal strength.


Website with Centered Ads Container
Continue reading below

Did you know that MTN MoMo reward customer with a free 100% airtime bonus. Yes, it’s true! All you have to do is to recharge your MTN line via the MOMO platform and your 100% airtime bonus is guaranteed. What are you waiting for, rush now and open a momo account.

How to open an MTN MoMo Wallet

I believe that you might like to try it out. You can open an MTN MoMo account from the comfort of your home by just dialling a code.

However, you’ve got not one, two, but three accounts to choose from on the MoMo platform: MoMo agent, MoMo Merchant, and MoMo PSB. These three accounts might seem alike because they work as MoMo wallet accounts, handling all the banking solutions that you’d expect from a payment service bank. But, here’s the twist – they’ve got their own unique vibes.

The MoMo agent? Think of it as an agency account, made for agents only. MoMo Merchant Account? See it as a business account for both small and large scale businesses. And On the other hand, the MoMo PSB? Well, that’s for you, the customer, to dive into the world of convenient banking. Additionally, they each have their own unique USSD codes, making sure that your transactions are hassle-free, whether you’re an agent, a merchant or just doing your thing with MoMo PSB.

MOMO Merchant Account*691#
MOMO Agent*502#

Steps to follow to open MoMo wallets

  • Dial any of the following codes: *502# *671# or *691#. Please note that MoMo wallet can not be created with another Network other than MTN.
  • Next, Accept the standard network charge of N6.98.
  • You will receive a prompt to approve your MTN SIM registration/NIN details to be used as your MoMo wallet ID KYC.
  • Just set your four (4) digit transaction pin.
  • repeat same pin to confirm.

Your new MTN MoMo wallet has been created. You will receive warm welcome SMS alert! Please note that MTN MoMo accounts can neither be upgraded nor downgraded, so choose one that’s suitable for you.

MTN MoMo Refer and Earn Program

MTN MoMo now support refer and earn. Reach out to your friends and tell them its benefits. Refer them and earn some cash-back. See guide below….

  • On your phone, dial *671#
  • Select option 6 (refer a friend)
  • input customer’s phone number in field provided
  • Put your MoMo Pin and proceed
  • Ask the customer to dial *671# from his or her line.
  • Open MoMo PSB wallet for the customer
  • Fund the customer’s wallet and make sure the newly recruited customer perform at least one transaction e.g airtime recharge or data bundle purchase.

That’s all! You as the referree earn N100 for each refered customer you bring into the MoMo platform. You can ₦100 as a piece of cake. If that\’s the case, become a MoMo canvasser to earn more… Visit the nearest MTN office in your area for more enquiries.

MoMo Merchants & POS device

Merchants can use MTN MoMo POS to easily accept payments from customers using their mobile phones, as well as perform other financial transactions such as refunds, deposits, and bill payments. This can be done at the nearest MTN MoMo proprietary Point of Sale (POS). Customers can also pay by scanning a QR code or entering their mobile number.

This service assists MoMo merchants in increasing sales, attracting new customers, and improving cash flow, while also providing a convenient and secure way for customers to pay for goods and services.

It is widely used by small businesses such as street vendors, supermarkets, small shops, and retail shops that have difficulty obtaining approval for traditional payment methods due to requirements they cannot meet.

Read this article: 3 things you must know about telecom value added services.

Requirements to Obtain an MTN MoMo POS Device

You must fulfill a number of standard conditions before being given the MoMo agent license to engage in all MoMo activities. Some of them are:

  • Own a current business or be interested in investing in the agency business.
  • Operate a physical or mobile retail shop in a busting location.
  • Hold a valid form of identification (passport, driver’s license, national ID, or voter card).
  • Provide a single passport photo.
  • Demonstrate the capability to provide a minimum of N20,000 in Working capital.

If the aforementioned conditions are satisfied, pick up a form from the closest MTN outlet and fill it out. The field staff will get in touch with you for a scheduled visit to determine your suitability.


MoMo PSB is a nice mobile money payment service that includes all of the basic banking features you require. All MoMo banking services are accessible via the USSD codes *502# or *671#. Do not forget to create a MoMo agent wallet because MoMo could be of assistance where your bank network fails!


Have a question? Join our WhatsApp community and engage with us. Click the 'Join Us Now' button below to connect and discuss your queries with our team.

Website with Centered Ads Container
Continue reading below