MTN Nigeria Proposes a Merger of Momo and Yello Digital

MTN Nigeria to vote on a proposal towards a merger of Momo Payment Service Bank and Yello Digital Financial Services, both being its finance subsidiaries.

A proposal has been made to merge and integrate two subsidiaries of the company, namely MoMo PSB and YDFS, to establish a new entity. This new company would possess the Payment Service Bank license issued by the Central Bank of Nigeria, along with the ability to carry out super-agent services and other activities allowed by regulations. The merger is expected to increase the value of the company and benefit its shareholders.

That the Company’s two subsidiary entities: (a) MoMo Payment Service Bank Limited  and (b) Yello Digital Financial Services Limited be restructured by way of a merger or such other method, subject to obtaining all requisite regulatory and corporate approvals.

Statement by MTN