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MTN Nigeria has completed the purchase of 7.7% minority shareholding in MoMo Payment Service Bank Limited (MoMo PSB) previously held by Acxani Capital Limited.
MTN Nigeria paid N6.95 billion as the agreed purchase consideration valuing the MoMo PSB business at N90.25 billion.
Following the completion of the Transaction, MoMo PSB is now a wholly-owned subsidiary of MTN Nigeria.
“Management believes this Transaction will simplify and strengthen MoMo PSB’s operations, which is crucial for achieving its growth ambitions,” MTN Nigeria said.
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