Elsa Muzzolino And MTN’s MoMo PSB CEO Resigns, Elsa Assumes CEO Of M-PESA Ethiopia

By
Brand Spur
-
0
MTN’s mPulse hackathon offers funding for solutions to COVID-19 challenges
MTN’s mPulse hackathon offers funding for solutions to COVID-19 challenges - www.brandspurng.com

In an unexpected shift in the company’s leadership, Elsa Muzzolini, the Chief Commercial Officer, and Eli Hini, the CEO of MTN’s MoMo Payments Service Bank (PSB), have departed the fintech. On 15 July, Muzzolini became the CEO of M-PESA Ethiopia, the mobile money division of Safaricom.

Continuing, Muzzolini sent a memo to staff on July 12 announcing her departure. Additionally, she updated her LinkedIn page with her new employment. It’s unknown if Hini, who departed in June 2024, has found employment elsewhere.

Following their 2022 arrival, Hini and Muzzolini oversaw MoMo PSB’s expansion initiatives in Nigeria. Their departure coincides with MTN Nigeria’s increased investment in its fintech division to increase wallet share and app uptake in the wake of losses in its primary telecom business.

The company’s group executive for fintech commercial operations, Phrase Lubega, has been appointed as the interim CEO. According to a person with intimate knowledge of the situation, CBN permission is required before his appointment is made. MTN did not answer a comment request.

Also read: https://brandspurng.com/2024/08/08/africa-tech-festival-2024-showcases-women-tech-and-telecoms-leaders-aims-to-positively-impact-africas-information-and-communications-technology-ict-gender-gap/

BrandSpur telecom and IT news, reports that from 3.1 million in H1 2023 to 5.5 million in H1 2024, MoMo increased the number of mobile money wallets by 55.8%. An 11% increase in fintech revenue was fuelled by rising wallet and MoMo app usage. When compared to Airtel Mobile Money, which is expected to go public in 2025, the number of users has increased by 14.9% to 39.5 million.

MTN Nigeria paid ₦6.95 billion to acquire Acxani Capital Limited, MoMo PSB’s minority shareholder, on Monday, August 5, 2024.

According to a regulatory filing, MTN Nigeria acquired ownership of the fintech division to fortify MoMo PSB’s operations and set it up for expansion. MTN Nigeria can now invest more money in the fintech division thanks to the agreement. As part of the deal, MTN Nigeria contributed an additional ₦9.4 billion to MoMo

Editor’s note: This article has been updated to correct the acting CEO of MoMo PSB.