In a major move to digitize Nigeria’s informal economy, MoMo PSB, the fintech subsidiary of MTN Nigeria, has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The partnership, formalized on Wednesday, February 3, at MoMo PSB’s headquarters in Victoria Island, aims to equip small and medium-scale businesses with advanced digital and financial tools.
The collaboration is designed to streamline operations for entrepreneurs, making it easier to manage revenue, scale sustainably, and reduce the friction often associated with traditional business banking.
Under this agreement, SMEs registered with SMEDAN will receive priority access to MoMo PSB’s suite of digital solutions. These tools are accessible through multiple channels, including mobile apps, Point of Sale (POS) terminals, USSD codes, and partner portals. The integrated platform allows merchants to accept customer payments seamlessly across various channels. It also enables business owners to pay staff salaries directly through a digital wallet. Additionally, users can manage multiple shop locations and tills from a single interface to improve oversight. Finally, participating businesses gain increased visibility and market opportunities within the broader MTN and MoMo PSB ecosystem.Leadership Insights
Usoro Usoro, Executive Director of Strategy and Innovation for MoMo PSB, emphasized that the goal is to allow entrepreneurs to focus on profitability rather than administrative hurdles.
“This partnership with SMEDAN reflects our commitment to supporting small and medium-scale businesses with tools that help them operate more efficiently and unlock new growth opportunities,” Usoro stated. “Through the MoMo PSB Business App, we’re making it easier for entrepreneurs to manage payments, increase revenue, and focus on growing their businesses profitably.”
Echoing this sentiment, Charles Odii, Director General and CEO of SMEDAN, highlighted the importance of transparency and accessibility in financial support.
“This partnership is about removing friction and making sure financial support reaches small businesses in a way that is simple, transparent, and built for real impact,” said Odii.
While the partnership specifically targets the SMEDAN network, the benefits are not exclusive. MoMo PSB clarified that these growth tools are accessible to all SMEs across Nigeria, regardless of their SMEDAN registration status.
By merging SMEDAN’s vast network of entrepreneurs with MTN’s robust digital infrastructure, the initiative marks a significant step forward in bridging the financial gap for Nigerian small businesses.