Eli Hini, the Chief Executive Officer of MTN’s MoMo Payment Service Bank (PSB), and Elsa Muzzolini, the Chief Commercial Officer, have unexpectedly resigned from the company, resulting in a significant leadership change within the fintech industry.

Muzzolini has assumed the role of CEO at M-PESA Ethiopia, Safaricom’s mobile money venture, effective July 15. She informed employees of her resignation through a note dated July 12 and subsequently updated her LinkedIn profile to reflect her new position.

The status of Hini, who exited in June 2024, remains uncertain regarding any subsequent employment. Both Hini and Muzzolini joined MoMo PSB in 2022, where they were instrumental in formulating growth strategies in Nigeria.

Their departure coincides with MTN Nigeria's increased investment in its fintech division, aimed at enhancing wallet share and app usage following setbacks in its primary telecommunications business.

Phrase Lubega, the group executive for fintech commercial operations, has been appointed as the acting CEO, pending approval from the Central Bank of Nigeria, according to a source familiar with the situation.

MTN has not provided any comments regarding this matter. In the first half of 2024, MoMo experienced a 55.8% increase in mobile money wallets, reaching 5.5 million, up from 3.1 million in the same period of 2023.

Fintech revenue rose by 11%, driven by greater adoption of wallets and the MoMo app. In comparison, Airtel's mobile money, which is set to go public in 2025, saw a 14.9% increase in its customer base, totaling 39.5 million.

On August 5, 2024, MTN Nigeria acquired a ₦6.95 billion stake from Acxani Capital Limited, the minority shareholder of MoMo PSB, thereby gaining control of the fintech unit to enhance its operations and facilitate growth, as stated in a regulatory filing.

This transaction also enables MTN Nigeria to allocate additional funding to the fintech division, with MoMo receiving an extra ₦9.4 billion investment as part of the agreement.