MoMo Payment Service Bank and Saana Capital LLC, an international money transfer provider authorized by the Central Bank of Nigeria, have announced their strategic alliance to enable simple inbound and outbound transfers throughout Africa as well as practical bill payment services.
According to The Times, MoMo PSB and Saana Capital LLC’s partnership is a crucial turning point for international financial trade on the African continent. Customers of MoMo PSB will be able to send and receive money directly from different African nations using their MoMo accounts thanks to this cooperation, doing away with the requirement for foreign currency or domiciliary accounts.
With this cutting-edge service, MoMo PSB’s customers will be able to transact across borders in Africa with more ease, swiftness, and affordability. A comprehensive bill payment solution is also a part of the agreement, making it simple to pay bills across several African nations.
The functionality makes it simple and effective for people and enterprises to fulfill their financial commitments across international borders, boosting convenience and fostering economic growth.
The CEO of MoMo PSB, Elizabeth Ini, commented on the collaboration saying, “We are overjoyed to work with Saana Capital LLC to offer this innovative solution to our esteemed clients.
“This partnership supports our goal of offering cutting-edge financial solutions that meet our customers’ changing demands. We are paying bills and conducting cross-border transfers using this service and bill payments across Africa more accessible, efficient, and cost-effective than ever before.”
Saana Capital LLC’s CEO, Nicholas Koros, said: “We are thrilled to work with MoMo PSB in this strategic alliance. We can collectively revolutionize how people and businesses conduct their financial transactions across African boundaries by combining our experience in cross-border payment services with MoMo’s client base and solid reputation.
This partnership demonstrates how we both share the goal of promoting financial inclusion and promoting economic empowerment in Africa.
Customers who want to send money from Uganda or Rwanda are the only ones who can currently use the inbound service. According to MoMo PSB, all African nations would have access to this service, which includes payment services.
It further stated that MoMo clients in Nigeria will receive an SMS every time money is deposited to their wallets from countries enlisted, and the local currency equivalent will be credited to their MoMo wallet at the prevailing exchange rate.
