MoMo PSB, a subsidiary of MTN Nigeria and a leading provider of digital financial services, has unveiled its Customer Refer & Win Promo, an exciting initiative aimed at rewarding loyal customers with free airtime or data for life.

This campaign underscores MoMo PSB’s commitment to advancing financial inclusion and enhancing the digital banking experience for millions of Nigerians.

The promo offers customers the chance to win incredible prizes, including free airtime or data every month for 50 years for 11 lucky winners, and consolation prizes for 110 winners who will receive airtime or data every month for one year.

Open to both new and existing customers, the initiative encourages participants to perform qualifying transactions and refer friends and family to activate or reactivate their accounts.

Phrase Lubega, CEO of MoMo PSB, emphasized the company’s dedication to customer satisfaction and seamless financial transactions. “This initiative is about giving back to our customers while promoting the ease and convenience of using MoMo for everyday transactions.

“By simply transacting on the platform, customers get the chance to enjoy free airtime and data for life, an offer that truly rewards their loyalty,” he said.

To participate, customers must complete eligible transactions such as MoMo-to-MoMo transfers, other bank transfers, bill payments, betting wallet top-ups, and airtime/data purchases.

Referrals also earn participants an instant 100MB for every active referral. Weekly electronic draws will determine winners, with the promo running for 12 weeks from April 3rd to June 25th, 2025.

MoMo PSB will also engage users through nationwide activations, interactive sessions, and digital campaigns to drive awareness and participation.

This initiative further solidifies MoMo PSB’s role as a key player in Nigeria’s financial services sector, offering innovative solutions that simplify transactions and enhance customer satisfaction.

House of Representatives Public Accounts Committee has directed Remita, a financial technology firm, to refund N182.77 billion to the federal government. The sum was allegedly withheld from the Treasury Single Account (TSA) since 2015.

The directive was issued on Wednesday during a committee meeting in Abuja, following the submission of a forensic audit report by consulting firm Seyi Katola & Company (Chartered Accountants), which uncovered significant discrepancies in revenue remittances.

Remita, owned by financial services company SystemSpecs, is the online platform through which federal government agencies remit revenue into the TSA. In November 2023, the House launched an investigation into suspected revenue leakages through the platform.

Chairman of the committee, Bamidele Salam, said the decision was reached based on evidence presented by the forensic auditors and documents submitted by Remita and other stakeholders in the TSA ecosystem.

Adewale Oyebamiji, managing partner at the auditing firm, presented the breakdown of liabilities, stating that SystemSpecs was responsible for N3.42 billion in under-refunded transaction processing fees, N101.85 million in unpaid acquirer fees, and N179.25 billion in unremitted collections.

The report also applied the Central Bank of Nigeria’s monetary policy rate of 27.25 percent to determine interest charges. According to the findings, the under-refund of transaction processing fees amounted to N993 million, with interest charges of N2.42 billion, bringing the total to N3.42 billion. For unpaid acquirer fees, N29.60 million was due, with interest charges of N72.25 million, totalling N101.85 million. Regarding non-remittance of collections, N54.24 billion was due with N125 billion in interest, totalling N179 billion.

“The committee hereby recommends that SystemSpecs Ltd be compelled to refund the total sum of N182,769,245,175.20 to the federal government asset recovery account domiciled at the Central Bank of Nigeria (CBN), account number: 0020054161191,” the report stated.

The committee noted that some deposit money banks have already complied with similar refund directives and urged other TSA value chain service providers yet to comply to do so without delay.

Chairman Salam praised the forensic auditors for what he described as a thorough and patriotic investigation.

The Federal Ministry of Industry, Trade and Investment has announced the launch of the Digital Services Survey in a strategic effort to empower Nigerian digital service providers to expand across Africa under the African Continental Free Trade Area (AfCFTA).

The ministry’s Director Press and Public Relations, Dr. Adebayo Thomas in a statement  said the aims of the digital services initiative is to map and support the growth of Nigerian digital services throughout the continent and simplify the process for digital businesses to navigate regulatory environments and expand their reach across African markets.

He added that Nigerian digital businesses often face challenges when entering other African markets, including uncertainties around service registration, applicable regulations, and responsible agencies.

Thomas said: “Unlike physical goods, digital services don not always align with existing trade categories. This framework will serve as a common language, ensuring consistent treatment of digital services across borders” and its benefits include unlocking new markets by identifying target African countries for expansion, as Nigeria can focus trade negotiations on opening specific markets for digital services.”

He added, “The framework would also create a Digital Services Repository and for the first time, Nigeria will compile a comprehensive database of digital service providers, their expansion plans, and the challenges they face.

“Furthermore, the framework would strengthen Nigeria’s digital leadership by positioning the country as a proactive leader in Africa’s digital economy, shaping the rules and standards for digital trade.”