Eli Hini, Steps Down as CEO of MTN MoMo Payment Service Bank
Eli Hini, Chief Executive Officer of MTN’s MoMo Payment Service Bank (PSB), has stepped down from his position, marking a significant leadership shift at the fintech arm of the African telecom giant.
Mr Hini, widely regarded as the architect of mobile money’s success in Ghana, officially resigned on June 30, 2024, although his departure was only formalized last month.
His exit is paired with that of Elsa Muzzolini, the Chief Commercial Officer of MoMo PSB, who has since assumed the role of CEO at M-PESA Ethiopia, Safaricom’s mobile money operation.
Mr Hini, known as the “Father of MoMo” is credited for his instrumental role in establishing and expanding mobile money services across Ghana, is understood to be considering various opportunities but is currently taking a hiatus from his professional commitments.
Their departures come at a time when MTN Nigeria is intensifying its focus on fintech to counterbalance challenges in its core telecom business.
MoMo PSB, under the stewardship of Hini and Muzzolini, has seen robust growth, with mobile money wallets rising by 55.8% year-on-year to 5.5 million in H1 2024, alongside an 11% increase in fintech revenue.
In a strategic move to consolidate its fintech operations, MTN Nigeria recently acquired Acxani Capital Limited, the minority shareholder in MoMo PSB, for ₦6.95 billion, securing full control of the unit.
This acquisition, accompanied by a ₦9.4 billion capital infusion, is aimed at bolstering MoMo PSB’s operations and ensuring its readiness for future expansion.
Phrase Lubega, currently MTN’s Group Executive for Fintech Commercial Operations, has been appointed as the interim CEO of MoMo PSB, subject to approval from the Central Bank of Nigeria. MTN has yet to issue a public statement regarding these leadership changes.
