MoMo Payment Service Bank (MoMo PSB), the fintech subsidiary of MTN Nigeria, has appointed Bode Abifarin as its Managing Director and Chief Executive Officer, as the financial technology business enters a new phase of expansion and transformation.
Abifarin will assume office on September 1, 2026, bringing more than two decades of experience across financial services, consulting, digital payments, fintech, strategy, operations and business transformation to the role.
Her appointment comes at a significant period for MTN’s financial services ambitions, with the telecommunications group restructuring its fintech operations and positioning the business for broader growth beyond traditional payments.
Before joining MoMo PSB, Abifarin served as Chief Operating Officer of Flutterwave, where she was involved in strategic expansion across several markets. In that role, she helped establish scalable operating models, strengthen regulatory engagement and support the development of payment solutions designed to widen access to financial services.
Her experience, MoMo PSB said, would be critical as the company seeks to scale its operations, strengthen its digital offerings and deepen financial inclusion across Nigeria.
Serigne Dioum, Chief Executive Officer of MTN Group Fintech, said Abifarin brings an “exceptional blend of strategic leadership, execution excellence and deep fintech expertise” to the position.
“Her extensive experience in driving innovation, operational transformation and financial inclusion uniquely positions her to lead MoMo PSB into its next stage of growth and market leadership,” Dioum said.
The Chairman of the MoMo PSB Board, Michael Ajukwu, also expressed confidence in the appointment, pointing to Abifarin’s background in payments, digital transformation and stakeholder engagement.
“Her extensive experience in payments, digital transformation and stakeholder engagement, combined with her passion for financial inclusion, makes her uniquely positioned to lead MoMo PSB into its next chapter of growth,” Ajukwu said.
Abifarin sets financial inclusion agenda
For Abifarin, the new role presents an opportunity to contribute to one of the country's most significant financial and economic challenges: extending access to formal and digital financial services to millions of Nigerians who remain underserved.
“I am honoured to join MoMo PSB at a defining moment for digital financial services in Nigeria. Financial inclusion remains one of the greatest opportunities to unlock economic empowerment and prosperity for millions of people,” she said.
She added that her immediate focus would involve working closely with MoMo PSB employees, regulators, partners and other stakeholders to accelerate the delivery of innovative and secure financial services.
According to Abifarin, the objective is to build customer-focused solutions capable of creating value for individuals, businesses and communities across the country.
The appointment also marks another stage in a career that has combined management consulting with technology and financial services.
Abifarin spent 15 years at KPMG, rising to the position of Associate Director in Management Consulting. During her time with the firm, she advised financial institutions and other organisations across Africa on strategy, business transformation, customer experience and growth.
She later founded Strata Advisory, a technology-focused advisory firm established to help businesses scale and achieve sustainable growth.
Her career has earned her several industry recognitions, including listings among the Top 100 Women in Global Fintech, the Inspiring 50 Women Shaping the Future of Technology in Africa and the 30 Most Powerful Nigerian Women in Finance.
MTN reorganises fintech operations
Abifarin’s arrival comes as MTN continues to reposition its fintech business.
In April 2026, MTN Nigeria announced plans to sell a 60 per cent stake in MoMo Payment Service Bank and Y’ello Digital Financial Services (YDF) to MTN Group for N152.06 billion.
Under the proposed restructuring, MTN Nigeria is expected to retain a 40 per cent interest in the businesses. The transaction is designed to create a more focused and scalable fintech operation within the wider MTN Group structure.
The move reflects the increasing importance of financial technology to MTN’s broader growth strategy as telecommunications companies across Africa seek to monetise their large customer bases through digital financial services.
MTN Group is also considering opportunities beyond payments, with lending emerging as a potential area of expansion.
In August 2026, the group disclosed that it was exploring banking licences in some markets as it considers expanding its lending operations. The company identified credit as a major future growth opportunity for its fintech business.
Against this backdrop, Abifarin is expected to lead MoMo PSB through an increasingly competitive digital financial services market, while helping the company broaden its product offering and reach more customers.
Digital economy provides growth opportunity
The company's expansion strategy comes amid sustained growth in Nigerians' use of mobile and digital services.
Increasing smartphone adoption, mobile connectivity and reliance on digital platforms for everyday transactions have created opportunities for fintech operators to extend financial services beyond traditional banking channels.
Data consumption has also continued to climb. Nairametrics reported in August that Nigerian telecom subscribers consumed a record 1.5 million terabytes of data in May 2026.
Active mobile subscriptions increased from 154.3 million in April to 157 million in May, underscoring the scale of Nigeria's connected consumer market.
MTN remained the country's largest internet provider during the month, accounting for 83.5 million subscriptions.
For MoMo PSB, the combination of a large mobile subscriber base, rising digital activity and persistent demand for financial services presents an opportunity to expand its customer base and deepen the use of digital payments and other financial products.
With Abifarin taking over from September 1, attention will now turn to how the new leadership translates her experience in fintech, payments and business transformation into greater scale, stronger customer offerings and wider financial inclusion.
Her appointment places an experienced fintech executive at the centre of MTN's effort to build a more focused financial services business at a time when Nigeria's digital economy continues to expand.