MTN MoMo PSB Faces Leadership Crisis

MTN MoMo Payment Service Bank (PSB) has lost two leaders in a leadership change going on in the company. Both Eli Hini, CEO of MTN’s MoMo Payment Service Bank (PSB), and Elsa Muzzolini, Chief Commercial Officer, have resigned. 

MTN MoMo PSB Gets A New CEO

Muzzolini joined MoMo PSB in 2022, and resumed as the CEO of M-PESA Ethiopia, Safaricom’s mobile money arm, on July 15.

She had informed the employees of her resignation in a note on July 12. She also updated the new role on her LinkedIn profile.

However, Hini, who left in June 2024, hasn’t announced his next move yet.

MTN MoMo inaugurated Phrase Lubega, the company’s group executive for fintech commercial operations, as the acting CEO. However, his appointment is still subject to CBN approval.

MTN MoMo harnesses the power of technology to provide frictionless and low-cost payments for consumers and businesses of all sizes. It was launched in Uganda in 2007. 

Also Read: MTN Momo CEO Resigns to Explore a New Opportunity

The initiative has enabled person-to-person payments for subscribers across the country. 

Since then, MoMo has expanded into 16 markets and the electronic wallet has evolved beyond basic transactions.

The fintech revenue has grown by 11%, driven by increased wallet and MoMo app adoption. It plans to digitize more than $750 billion of transaction value by 2025.

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