Nigeria: MTN's Momo Agent Plans to Aid Financial Inclusion in Nigeria

17 September 2019

A subsidiary of MTN Nigeria, Y'ello Digital Financial Services, last month launched its super-agent network service named 'MoMo Agent.'

The launch held in Abuja after the firm had successfully been awarded a Super-Agent License by the Central Bank of Nigeria (CBN).

With the fintech strategy, the company joins the ongoing efforts to accelerate the CBN's drive for financial inclusion.

In 2016, data from the CBN showed that 58.4 per cent of Nigeria's estimated 96.4 million adults were financially included.

This comprised 38.3 per cent banked, 10.3 per cent served by other formal institutions and 9.8 per cent served by informal service providers.

Nigeria plans to have 70 per cent of its adult population in the formal financial services sector and 10 per cent included in the informal sector in 2020, the apex bank said.

The MTN Project

Speaking on its project, MTN Nigeria said the extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria.

Speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman, said the launch of the YDFS MoMo Agent is especially significant to the company and that he is excited by the possibilities.

"We are fortunate to be part of the telecoms industry which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation," he said.

He said the YDFS MoMo Agent further demonstrates their commitment to remain focused on enhancing Nigerian's access to financial services, and in so doing, connect Nigerians to what is most important to them.

The MoMo Agent Network is said to compliment existing banking services by extending access to simple money transfer services and other financial services nationwide.

The YDFS Director, Usoro Usoro, said the MoMo Agent network opens up a host of opportunities, creating employment and facilitating business in rural and urban areas.

Mr Usoro said the company will Leverage on MTN's extensive distribution network and capabilities, so as to put financial services within easy reach.

"Going forward, anyone, anywhere in Nigeria can send and receive money through a MoMo Agent in their neighbourhood.

"We intend to expand the range of financial services offered once the Central Bank grants approval for a payment banking license," he said.

Y'ello Digital Financial Services plan to rollout about 500,000 agents spread across all states and the Federal Capital Territory.

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