Eli Hini, CEO of MTNs MoMo Payment Service Bank (PSB), and Elsa Muzzolini, Chief Commercial Officer, have left the company in a surprising leadership change at the fintech. Muzzolini joined M-PESA Ethiopia, Safaricoms mobile money business as CEO on July 15.
Muzzolini informed employees of her resignation in a note on July 12. She also updated the new role on her LinkedIn profile . It is unclear if Hini, who left in June 2024, has taken another role.
Hini and Muzzolini joined MoMo PSB in 2022 and led its growth strategies in Nigeria. Their exit comes at a time when MTN Nigeria ramps up investment in its fintech unit to grow its share of wallets and app adoption following losses in its core business, telecoms.
Phrase Lubega, the companys group executive for fintech commercial operations, has been named the acting CEO. His appointment is subject to CBN approval, one person with direct knowledge of the matter said.
MTN did not respond to a request for comments.
