MoMo Payment Service Bank (MoMo PSB) has appointed Bode Abifarin as its Managing Director and Chief Executive Officer, effective September 1, 2026.
Abifarin joins the MTN Nigeria-backed financial services business after more than two decades across consulting, banking, fintech, digital payments and business transformation.
She previously served as Chief Operating Officer of Flutterwave and spent about 15 years at KPMG Nigeria.
Her appointment comes at an important stage for MoMo PSB. MTN Nigeria is restructuring its fintech operations and has secured approval to transfer a 60% stake in MoMo PSB and Y’ello Digital Financial Services to MTN Group. The proposed transaction, valued at ₦95.5 billion, implies about ₦152.06 billion in capital injection into the two businesses. MTN Nigeria will retain a 40% interest under the new structure, subject to regulatory approval.
That restructuring gives Abifarin a new assignment in a business that needs to expand its reach while improving its financial performance. MTN Nigeria said in April that its fintech subsidiaries were loss-making and that the new structure would give the businesses access to further capital from the group.
Abifarin brings experience from one of Africa’s best-known fintech companies. She joined Flutterwave in 2018 after her career at KPMG and became its COO. Flutterwave confirmed her departure in March 2024, describing her as a key part of the company’s operational growth.
At KPMG, Abifarin worked on strategy, customer experience and growth projects for organisations across Africa. She also contributed to the firm’s banking research, including its Africa Banking Industry Customer Satisfaction Survey.
She later founded Strata Advisory, where she has worked with businesses on operations and growth. She has also been active in the technology and business ecosystem through roles linked to Lagos Business School and Women in Tech Nigeria. Her return to a major fintech operator also comes as MTN Group places more attention on financial services across its markets.
For MoMo PSB, the focus now extends beyond building a customer base. The business must also improve its products, strengthen operations and compete with established digital payment companies in Nigeria.
MTN Nigeria reported that its fintech revenue grew by 79.7% in 2025, while active wallets reached 3.7 million by December that year.
MoMo PSB operates as a payment service bank, offering services such as deposits, payments, transfers and digital wallets to individuals and small businesses. Its sister company, Y’ello Digital Financial Services, runs agency banking services through the wider MoMo network.
The move is Abifarin’s return to a senior operating role in Nigeria’s fintech sector after leaving Flutterwave in 2024. She will now take charge of MoMo PSB as MTN works to reshape the ownership and funding of its financial services business.
The appointment takes effect on September 1, with Abifarin expected to lead the company’s next stage of growth and its goal to expand digital financial services in Nigeria.
