MTN MoMo Agent PSB Review: The Pros and Cons

momo agent

MTN’s MoMoAgent Payment Service Bank (PSB) is a new fully licensed service that allows the network provider to provide financial services, including cash deposits and withdrawals, bill payments, and airtime purchases.

MoMo agents are kiosk locations where customers can perform transactions and redeem cash sent to them. According to the guidelines of the Central Bank of Nigeria, the key objective of issuing PSB licenses is to boost financial inclusion, especially in rural areas and facilitate transactions. MoMo agents will also get the opportunity to earn commissions on each transaction they perform for members of their community, thereby creating a source of income for them.

How MTN MoMo Agent works

  • MTN will be permitted to use its technology and agency banking to mobilize deposits and enable transfers from unbanked consumers in rural regions and any other location in Nigeria where they exist.
  • It is expected to operate in rural areas and areas where Nigerians do not have bank accounts. This indicates that MTN expects to have at least 50% of physical access points (also known as kiosks) in rural areas.
  • MTN would start to deploy ATMs in some locations to enable Customers’ withdrawal of cash just like commercial banks.
  • However, the key contrast is that, whereas deposit commercial banks can provide loans and advances, MTN momo agents cannot.


  • Easy to enroll with minimal documentation. Existing MTN customers can use their mobile number as a bank account to send and receive money. No need for BVN and the service can be used by even the uneducated.
  • Widely available even in rural areas. MTN says it currently has 166,000 active agents across Nigeria. This means availability in rural areas where traditional banks don’t usually operate.
  • Source of income. Momo agents earn a fair commission on each transaction they perform for customers.
  • Cross-boarder money transfer to all countries where MTN operates.


  • Cash transactions – deposits and withdrawals can only be processed at momo agents physical locations. The online app available is only for agents and not customers.
  • charges for both the sender and receiver.
  • Can only be used for small transactions. The maximum single withdrawal is just N20,000 and N100,000 maximum daily withdrawal limit.

How to open and fund your MoMo account

To open a MoMo PSB account, simply dial *671# and create a unique 4-digit pin.

You can transfer money from another bank account into your MoMo PSB wallet by doing the following:

  • Go to your other bank app and choose ‘MoMo PSB’ as the bank name to make the transfer to.
  • Input your registered mobile 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’ physical locations.
  • You can withdraw cash from your MoMo PSB wallet by visiting a MoMo Agent or transferring to other banks. The PSB currently has 166,000 active agents across the country.

what other customers are saying about MoMo Agent PBS service

These reviews are from MoMo agents that use the android app.

King George Cletus-Adigler wrote, “The app is good especially with the security control. But the is more room for improvement. When transferring funds to and from bank the cannot display my accounts (multiple accounts numbers) for me to choose the specific account i want to transfer to or from. This is possible when using USSD. I think this an important feature that shoud be included in this up.”

Daniel Osharejirue wrote, “The app is nice. I like it’s simplicity. But there is need for improvement. It often display an error message “unable to connect to the server”. And also since screenshot cannot be made on the app, a provision should be made to be able to download and share transaction receipt not just to view alone. And also airtime sell to all network should be made possible ASAP. But I like the app.”

Joy Chris wrote, “You need to improve this app ,, it’s so annoying to use ,I tried sending airtime of 500 and I got an error message I tried it up till the 4th time I keep getting error messages just for me to see that I have been debited for the 4 supposed error transactions ,also checking transactions is another problem, when i credit my float wallet it takes longer time for it to reflect on the app ,, this app needs an overall upgrade.”

Motunrayo Adedayo wrote, “Using this app was great at first but now, error. As at last 3 weeks now i was unable to check my receipt on it and when attending to customers if care isn’t taken one will be liable to debt in the sense that sending airtime, it’ll be showing connectivity issue and the airtime is been sent already….pls, do something about it.” Read more momo agents’ reviews here.

What you can do on MTN’s MoMo PSB

Mtn MoMo PSB is available to both individuals and businesses that want to provide agent banking services as Momo agents.

As an individual, you can make purchases, pay bills, send, receive and save money in an affordable way. Your phone is your connection to your money when you transact with MoMo.

Business owners are also not left out. As a business owner, whether you are a small business looking for a mobile way to manage finances, or a big business looking for an easier way to pay staff salaries, MoMo PSB offers a range of solutions to increase efficiency and decrease your operating costs.

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.


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