Momo PSB: Features, and Everything You Need to Know

Discover Momo PSB by MTN Nigeria: Your guide to mobile money. Learn how to download the app, register, send/receive money (incl. OPay), pay bills, use USSD (*671#), and check features.

Mar 23, 2025 - 08:27 Updated: Apr 23, 2025 - 12:29
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Momo PSB: Features, and Everything You Need to Know
Learn everything about Momo PSB: how to download, use its features, open an account, and more. Discover the benefits of MTN's Momo Payment Service Bank!

Momo PSB (Payment Service Bank), powered by MTN, is revolutionizing how Nigerians access financial services. It's a mobile money platform designed to bring banking to your fingertips, available via app (find on Google Play or Apple App Store search) and USSD. This guide covers everything from setup to features.

What is Momo PSB (Payment Service Bank)?

Launched by MTN Nigeria, Momo PSB is a licensed Payment Service Bank designed to promote financial inclusion. It allows users, regardless of whether they have a traditional bank account, to perform various financial transactions using their mobile phones. Think of it as a secure digital wallet and basic banking service rolled into one.

Getting Started: Downloading & Registering for Momo PSB

2. Register Your Account

  1. Open the installed Momo PSB app.
  2. Tap "Register" or "Create Account."
  3. Enter your phone number (MTN or other networks usually accepted).
  4. Verify your number by entering the OTP (One-Time Password) sent via SMS.
  5. Create a secure 4 or 5-digit PIN. This is crucial for authorizing transactions. Memorize it and keep it secret!
  6. Provide required personal details (Name, DOB, Address) accurately.
  7. Accept the Terms & Conditions to complete registration.

How to Use Momo PSB: Key Features & Functions

Momo PSB offers a suite of essential mobile money services:

  • Send & Receive Money: Transfer funds easily to other Momo PSB users, traditional bank accounts (like OPay, discussed below), or potentially other mobile money wallets.
  • Airtime & Data Top-up: Recharge your own phone or others across networks, and purchase data bundles.
  • Bill Payments: Conveniently pay for electricity (prepaid/postpaid), Cable TV (DStv, GOtv, StarTimes), internet services, and potentially other utilities.
  • Cash Withdrawals & Deposits: Use authorized Momo Agent locations to withdraw cash from or deposit cash into your Momo PSB wallet. ATM withdrawals might also be possible depending on card linkage features.
  • Check Balance & History: Instantly view your current balance and review your past transaction records.
  • Potential Future Services: Keep an eye on the app for possible future additions like savings accounts, micro-loans, or investment options, although these are not guaranteed core features at all times.

How to Transfer Money from MoMo PSB to OPay

Sending funds from your Momo wallet to an OPay account typically follows the bank transfer process:

  1. Open the Momo PSB App and log in.
  2. Select the "Send Money" or "Transfer" option.
  3. Choose the option for "Bank Transfer" or "Transfer to Bank Account."
  4. From the list of banks, select "OPay" (it might be listed directly or under 'Other Banks' or 'Digital Banks').
  5. Carefully enter the recipient's OPay account number (usually their phone number).
  6. Enter the amount you wish to send.
  7. Review the details (Recipient's name should ideally verify).
  8. Authorize the transaction by entering your secure Momo PSB PIN.
  9. Wait for the success confirmation message.

Always double-check the recipient's OPay account number before confirming.

What are the Benefits of Using Momo PSB?

  • Financial Inclusion: Provides access to basic financial services for the unbanked and underbanked.
  • Convenience: Manage money and pay bills anytime, anywhere from your mobile phone.
  • Speed: Transactions like transfers and airtime top-ups are typically instant.
  • Security: PIN protection secures your account and transactions.
  • Cost-Effective: Often offers competitive transaction fees compared to some traditional methods.
  • Accessibility: Designed with a user-friendly interface suitable for various literacy levels.

Momo PSB vs. myMTN App: What's the Difference?

It's easy to confuse them, but they serve distinct roles:

  • myMTN App: Manages your MTN *telecom* services – checking airtime/data balance, buying bundles, managing subscriptions, contacting MTN care for network issues.
  • Momo PSB App: Manages your *mobile money* – sending/receiving funds, paying bills, cash in/out. It's your financial wallet powered by MTN's banking license.

Think of myMTN for your SIM card needs, and Momo PSB for your money needs.

Is Momo PSB a Legit Loan App or Bank App?

Momo PSB is a **legitimate Payment Service Bank (PSB)**, licensed by the Central Bank of Nigeria (CBN). This makes it a regulated financial institution, akin to a light version of a traditional bank, focused on mobile money services. It is *not* primarily a loan app.

While PSBs *may* be permitted to offer certain types of loans or savings products eventually under CBN regulations, its core function is payments and transfers. **Be extremely cautious of any standalone apps claiming to offer "Momo Loans" – always use the official Momo PSB app or USSD for any financial services.**

What is the Momo PSB USSD Code?

For users without consistent internet access or who prefer USSD, Momo PSB offers a code. The primary USSD code is **\*671#**. Dial this on the phone number linked to your Momo PSB account to access a menu for checking balance, sending money, buying airtime, etc.

Keep this code handy, but remember the app usually offers more features.

Is MoMo PSB Only for MTN Users?

No, generally Momo PSB registration and usage are open to customers of other mobile networks in Nigeria (like Glo, Airtel, 9mobile). While it's powered by MTN, its goal is broader financial inclusion. However, MTN users might occasionally benefit from specific promotions or integrations. Refer to the official Momo PSB terms for specifics.

Momo PSB: Frequently Asked Questions (FAQ)

How do I contact Momo PSB customer care?

Look for "Help" or "Support" within the official Momo PSB app. Alternatively, check the official MTN Nigeria or Momo PSB website for current customer care phone numbers or email addresses dedicated to Momo PSB services. Avoid contacting generic MTN lines unless specifically directed.

How do I open a MoMo PSB account?

Download the official Momo PSB app from your app store (Google Play or Apple App Store), then follow the in-app registration steps using your phone number and providing required details.

How do I transfer money from Momo PSB to OPay?

Use the "Send Money" > "Bank Transfer" option within the Momo PSB app, select OPay as the receiving bank, and enter the recipient's OPay account number (phone number).

What is the Momo PSB USSD code?

The main USSD code is **\*671#**. Dial this from your registered number.

Is MoMo PSB only for MTN SIM users?

No, users of other Nigerian mobile networks can typically register and use Momo PSB.

What's the difference between the Momo PSB app and the myMTN app?

Momo PSB is for financial transactions (mobile money), while myMTN manages your MTN phone line services (airtime/data balance, bundles).

Conclusion: Momo PSB - Mobile Money Made Simple

Momo PSB by MTN offers a powerful and accessible platform for managing essential financial transactions directly from your mobile phone. Its focus on financial inclusion, combined with the convenience of mobile payments, airtime/data purchase, and transfers (including to platforms like OPay), makes it a valuable tool for many Nigerians. Whether using the app or the USSD code, Momo PSB provides a secure and user-friendly way to handle your daily financial needs.

Get started by finding the app on your store:

Disclaimer

This article provides general information about Momo PSB for educational purposes only. Hausa24 is not affiliated with Momo PSB or MTN Nigeria. All details regarding features, fees, USSD codes, and app availability are based on publicly available information at the time of writing and are subject to change by MTN/Momo PSB without notice. **Always refer to the official Momo PSB app, official MTN Nigeria website, or contact their dedicated customer support for the most accurate, current, and official information.** Financial decisions should involve due diligence and consideration of your individual needs.

For more on mobile money and financial tools, visit our Business Apps Category.