By Juliet Umeh
In a bid to deepen financial inclusion in Nigeria, telecommunications service provider, MTN, said it’s Super-Agent network service, ‘MoMo Agent,’ Y’ello Digital Financial Services, YDFS, has expanded to include other payment services.
YDFS is a subsidiary of MTN Nigeria which launched ‘MoMo Agent’ services to provide safe and accessible money transfer services to financially underserved communities across Nigeria
According to MTN, “As part of the expansion, ‘MoMo Agent’ has been upgraded with bill payment, cash deposit and withdrawal, as well as data and airtime purchase components.
“Upgrades also include bulk disbursement services enabling public and private companies to make payments en masse anywhere in Nigeria without a bank account, ATM availability or bank branch,” it explained.
According to a 2018 Access to Financial Services Survey by Enhancing Financial Innovation and Access (EFInA), 36.6 million adults, representing 36.8 percent of Nigeria’s adult population, are financially excluded. The Federal Government, through the Central Bank of Nigeria, CBN, announced plans to ensure that 80 percent of Nigerian adults are financially included by 2020.
Commenting on the expansion, the Chief Executive Officer of YDFS, Usoro Usoro said, “I am excited to announce the expansion to our MoMo Agent service. Our goal is to reach every underbanked and unbanked person in Nigeria, and we are focused on achieving that.
“Anyone, anywhere in Nigeria can handle financial transactions within their neighbourhood. This is our goal to reach Nigerians everywhere, enriching lives and supporting the Federal Government’s financial inclusion drive,” Usoro said.
With an agent base of more than 150, 000 and growing, the ‘MoMo Agent’ service is licensed by the Central Bank of Nigeria to recruit agents to provide financial services within communities on behalf of banks.