Meet the 5 CEOs driving Nigeria’s payment service banks 

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Nigeria’s financial landscape has been undergoing a quiet but significant transformation, and at the heart of it are Payment Service Banks (PSBs).

Designed to deepen financial inclusion, PSBs are bridging the gap between traditional banks and the millions of Nigerians who remain outside the formal financial system.

Payment Service Banks are a special category of banks licensed by the Central Bank of Nigeria (CBN) to offer basic financial services, especially to people in rural areas and the unbanked population.

They are not full-fledged commercial banks, but they play a critical role in making financial services accessible to underserved communities.

The CBN introduced PSBs in 2018 as part of its broader financial inclusion strategy aimed at bringing 95% of Nigerians into the formal financial system.

The idea was simple: if mobile network operators, fintechs, and other non-traditional players could leverage their wide reach and technology, they could deliver banking services faster and more efficiently than conventional banks in remote areas.

Currently, licensed PSBs in Nigeria include MTN’s MoMo Payment Service Bank, Airtel’s SmartCash PSB, 9PSB (9mobile’s subsidiary), Hope PSBank, and Globacom’s MoneyMaster PSB.

Interestingly, out of the five licensed PSBs, four are owned by mobile network operators.

By regulation, PSBs are allowed to perform a limited range of banking and payment-related services. Their focus is not on corporate banking or complex lending, but on simple, high-impact financial transactions that can improve everyday lives.

Here are the 5 individuals piloting the affairs of these PSBs to bridge the digital inclusion gap in Nigeria.

Tunde Kuponiyi, CEO SmartCash Payment Service Bank Limited   

Tunde Kuponiyi leads SmartCash PSB, the fintech subsidiary of Airtel Nigeria. He is a seasoned banking executive with over 24 years of expertise in various aspects of the banking sector, including Marketing, Treasury, Operations, Product Development, and e-Banking.

With core banking experience at Ecobank, Kuponiyi became the pioneer Managing Director of Hope PSBank, a position he held between December 2019 and November 2022. He later moved to Globacom’s MoneyMaster PSB, where he also served as the company’s CEO from November 2022 to June 2024.

SmartCash, under Kuponiyi’s leadership, recently announced Zero-Charges, a total removal of transaction fees across all interbank transfers, bill payments, and short message service (SMS) notifications. According to him, the innovation was introduced to ease financial pressure on households and small businesses while accelerating broader financial inclusion across Nigeria.

He holds an MBA in Marketing from the University of Liverpool (2008-2010).

Tajudeen Omokide – CEO, MoneyMaster Payment Service Bank 

Tajudeen Omokide is the current Chief Executive Officer of MoneyMaster Payment Service Bank (MoneyMaster PSB), the fintech subsidiary of Globacom Limited, where he is steering the company’s mission to redefine digital financial inclusion in Nigeria.

With more than two decades of experience in sales, distribution, and financial services, Omokide brings a unique blend of commercial acumen, fintech innovation, and ecosystem development to the role.

Before joining MoneyMaster PSB, Omokide built a distinguished career across Nigeria’s telecommunications and fintech sectors, most notably with MTN Nigeria and its digital financial services subsidiaries — Yello Digital Financial Services (YDFS) and MoMo Payment Service Bank.

At MoMo PSB, he served as Head of Distribution, where he engineered the bank’s dominance in Nigeria’s telco-fintech space. Under his leadership, MoMo’s agent network grew to over 400,000 agents, including POS and non-POS channels, reaching all 700 local government areas in Nigeria.

His team also deployed more than 100,000 POS terminals, processing over 40 million transactions monthly, and generating consistent double-digit growth in transaction revenue.

Omokide holds a B.Sc (Hons) in Biochemistry from Ambrose Alli University and a Diploma in Management from the University of Leicester.

A results-driven strategist, he is passionate about leveraging technology and distribution to bridge financial access gaps in Africa.

Ogechi Chinwe Altraide, CEO, Hope Payment Service Bank Ltd  

Ogechi Chinwe Altraide is the Managing Director & CEO of Hope PSB, a bank focused on retail, SME and agent-banking markets in Nigeria. Her appointment signals a banking-centric leadership approach to the PSB arena.

Prior to her appointment as the Managing Director, Hope Payment Service Bank, Ogechi drove the Group Retail business at United Bank for Africa, where she supervised Products and Sales, the launch of the bank’s Direct Sales Group and Remittances, amongst others.

Her success on the continent led to her appointment as a Non-Executive Director of UBA, Tanzania. Ogechi has also worked with Ecobank and Diamond Bank (Now Access Bank) during her career.

She holds a B.Sc. in Management and an MBA in Banking and Finance both from the University of Nigeria, Nsukka. Ogechi is a Certified Management Consultant, a fellow of the Chartered Institute of Bankers of Nigeria (HCIB) and a subject matter expert in retail sales and campaigns.

Osa Odiase – Acting CEO, 9 Payment Service Bank (9PSB) 

Osa Odiase is currently the Acting Chief Executive Officer of 9 Payment Service Bank (9PSB), the fintech subsidiary of 9mobile (now T2). Appointed in 2024, he brings extensive experience in digital payments, strategy, and financial technology leadership.

Under his watch, 9PSB has strengthened its position as a trusted enabler for digital transactions and agent banking across Nigeria. The bank now operates thousands of agents in all 36 states, processing millions of real-time payment transactions monthly through its platforms.

Before he was appointed Ag CEO, Odiase served as the Chief Commercial Officer at 9PSB, where he spearheaded growth initiatives and partnerships with fintechs and aggregators. He played a central role in expanding the bank’s distribution network and enhancing interoperability within the national payment system.

Odiase’s leadership focuses on empowering small businesses and rural dwellers through simple and secure payment solutions. His vision aligns closely with 9PSB’s mission of “Banking the Unbanked” by providing reliable digital financial services through mobile technology and agency networks.

Phrase Lubega – CEO, MoMo Payment Service Bank (MoMo PSB, MTN Nigeria) 

Phrase Lubega is the current Chief Executive Officer of MoMo Payment Service Bank (MoMo PSB), a subsidiary of MTN Nigeria Communications Plc. A digital transformation leader with over two decades of experience, Lubega oversees the operations of Nigeria’s largest Payment Service Bank by customer base and transaction volume.

Under his leadership, MoMo PSB has continued to consolidate its dominant position in Nigeria’s mobile money ecosystem, leveraging MTN’s vast infrastructure and agent network of over 280,000 active MoMo Agents nationwide.

According to MTN’s latest financial results, MoMo’s active wallets had increased to 2.9 million as of September 2025.

The bank’s user base has surpassed 30 million registered wallets, handling billions of naira in peer-to-peer and merchant payments monthly.

Before joining MoMo PSB, Lubega held senior roles at MTN Group Fintech, where he played a key role in developing and scaling MTN’s mobile money operations across Africa. His expertise spans fintech strategy, ecosystem development, and digital inclusion.