MTN Nigeria's MoMo Payment Service Bank (MoMo PSB), which began commercial operations in 2022 under the Central Bank of Nigeria's Payment Service Bank licensing framework, has named Bode Abifarin as its new Managing Director and Chief Executive Officer, effective September 1.

The PSB licence category was created by the Central Bank of Nigeria to extend formal financial services to unbanked and underserved Nigerians, permitting licensees to accept deposits, issue cards, and process payments through agent networks, but not to extend credit. MoMo PSB operates in a crowded digital payments market that includes Airtel Africa's SmartCash PSB and fast-growing fintech platforms such as OPay and Moniepoint.

Abifarin brings more than 23 years of experience across financial services, consulting, digital payments, fintech, strategy, operations, and business transformation. She previously served as Chief Operating Officer at Flutterwave, one of Africa's most valuable payments technology companies, where she played a key role in the company's strategic expansion into multiple markets, the development of scalable operating models, and regulatory engagement.

Her earlier career includes 15 years at KPMG, where she rose to Associate Director in the firm's Management Consulting practice. During her tenure there, she advised financial institutions and organisations across Africa on strategy, transformation, customer experience, and business growth. She also founded Strata Advisory, a technology-focused consulting firm that helps businesses scale and achieve sustainable growth.

Commenting on her appointment, Abifarin said it was an honour to join MoMo PSB at a pivotal time for digital financial services in Nigeria. She highlighted financial inclusion as a significant opportunity to enhance economic empowerment and broaden access to financial services across the country, and committed to collaborating with MoMo PSB's employees, regulators, partners, and other stakeholders to improve access to innovative, secure, and customer-focused financial solutions.

Serigne Dioum, CEO of MTN Group Fintech, noted that Abifarin's extensive experience in strategic leadership, operations, and fintech uniquely positions her to guide MoMo PSB into its next phase. Michael Ajukwu, Chairman of the MoMo PSB Board, also emphasised her background in payments, digital transformation, stakeholder engagement, and financial inclusion.

The appointment comes as MTN continues to reshape its fintech operations, which the group has positioned as a major growth engine alongside its core telecoms business, offering mobile money services under the MoMo brand across its African markets. In April 2026, MTN Nigeria announced plans to transfer a 60% stake in MoMo PSB and Y'ello Digital Financial Services to MTN Group in a transaction valued at ₦152.06 billion, while MTN Nigeria is expected to retain a 40% stake, a restructuring that would move majority ownership of the Nigerian fintech units to the group level.

Abifarin will officially take the helm of MoMo PSB starting September 1.