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Mr. Eli Hini, the former Chief Executive Officer of MTN’s MoMo Payment Service Bank (PSB), and Ms. Elsa Muzzolini, the former Chief Commercial Officer, have both exited the company, P.M.EXPRESS has learned.
Muzzolini announced her resignation via a direct message to MoMo employees on July 12. She has since taken on a new role as CEO of M-PESA Ethiopia, effective July 15, 2024, as updated on her LinkedIn profile.
Hini, who left MoMo PSB in June 2024, has not disclosed his next position.
Both executives joined MoMo PSB in 2022, significantly contributing to the fintech’s growth in Nigeria. Their departures come at a pivotal moment as MTN Nigeria ramps up investment in MoMo PSB to enhance its market share in mobile wallets and app adoption amid challenges in its core telecom sector.
Phrase Lubega, currently MTN’s Head of Fintech, has been proposed as the new CEO of MoMo PSB. His appointment is awaiting approval from the Central Bank of Nigeria, according to an informed source.
MTN has not yet responded to requests for comment on the leadership changes.
Under Hini and Muzzolini’s leadership, MoMo PSB experienced substantial growth. In the first half of 2024, the number of mobile money wallets surged by 55.8%, reaching 5.5 million from 3.1 million in the same period the previous year. Fintech revenue also grew by 11%, driven by increased adoption of mobile wallets and the MoMo app.
In comparison, Airtel’s mobile money service reported a 14.9% increase in its customer base, reaching 39.5 million.
In a strategic move to bolster MoMo PSB’s operations, MTN Nigeria acquired Acxani Capital Limited, a minority shareholder in MoMo PSB, for ₦6.95 billion on August 5, 2024. This transaction, detailed in a regulatory filing, grants MTN full control over the fintech unit and includes an additional ₦9.4 billion investment.
Source: pmexpressng.com
