Bank Owned by MTN Now Allow Customers to Trade Gift Cards
- MoMo Payment Service Bank has partnered with Sochitel Group, a digital prepaid solutions
- This implies that registered MoMo PSB clients can easily purchase vouchers for gift card services on popular websites
- These website includes Apple Play, Google Play and others by using the Global Duka Gift Card Service
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
MoMo PSB, or MoMo Payment Service Bank, has teamed up with Sochitel Group, a world pioneer in digital prepaid solutions.
Source: UGC
Through this partnership, Leadership reported that the MoMo PSB Super App now offers the Global Duka Gift Card Service, allowing millions of users to easily make worldwide online purchases for gaming and entertainment packages.
Registered MoMo PSB customers can conveniently buy voucher for well-known websites like Apple Play, Google Play, Netflix, Amazon, Xbox, and PlayStation by using the Global Duka Gift Card Service.
While providing a number of necessary payments, such as airtime and educational services, this service improves the user experience. These codes are easily redeemed by customers on the websites of their individual service providers, increasing the accessibility of digital transactions.
Commenting on this partnership, the chief executive officer of MoMo PSB, Phrase Lubega said:
“At MoMo, we are dedicated to driving financial inclusion through innovative digital solutions.
“The introduction of the Global Duka Gift Card Service aligns with our mission to empower Nigerians by providing easy access to global digital products. This partnership with Sochitel Group marks a pivotal step in enhancing our offerings and ensuring our customers can enjoy a broader range of services.”
Founder and CEO of Sochitel Group, Jerry Ejikeme also commenting on the partnership, said:
“Our collaboration with MoMo PSB is a significant milestone in promoting financial inclusion and simplifying cross-border commerce. With Global Duka, we are excited to provide Nigerian consumers with an effortless way to access international brands and services directly from their mobile wallets.”
Source: Getty Images
The Global Duka Gift Card Service aims to remove the drawbacks of conventional payment systems. Credit or debit cards are no longer required for user purchases, guaranteeing safe and reliable transactions throughout the MoMo ecosystem.
The program makes it easier for consumers to access global companies and encourages a more connected digital lifestyle.
MTN buys bank for N16.35 billion
Legit.ng reported that in an effort to improve its standing in the financial services industry, MTN, the largest telecom company in Nigeria, paid N6.95 billion to acquire the remaining 7.17% minority stake in MoMo Payment Service Bank.
MTN Nigeria's unaudited financial statements for the nine months ending September 30, 2024, included information on the acquisition.
MoMo PSB's minority shareholders agreed to sell their shareholding to MTN in May, putting MTN's ownership of the bank closer to complete control.
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Source: Legit.ng
