MTN Moves to Boost Financial Inclusion, Launches Mobile Money Transfer Services

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Telecommunications giant, MTN Nigeria, on Thursday launched its ‘super-agent network service’ named ‘MoMo Agent’ to immediately provide safe and accessible money transfer services to both the under-banked and unbanked people across the country.

The service, which is being operated through its subsidiary arm,  Y’ello Digital Financial Services (YDFS), seeks to bridge the existing gaps in mobile financial operations in the country.

Speaking at a media briefing sequel to the product launch in Abuja, Chief Executive Officer (CEO) of MTN Nigeria, Ferdi Moolman, said: “I am 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 country.

“The launch of the YDFS MoMo Agent is especially significant to us. It further demonstrates our commitment to remain focused in enhancing Nigerian’s access to financial services, and in so doing, connects them to what is most important to them.”

Also, YDFS Director, Usoro Usoro, said: “Our MoMo Agent network opens up a host of opportunities by creating employment and facilitating business in rural and urban areas. Leveraging MTN’s extensive distribution network and capabilities, we are putting financial services within easy reach.

“Going forward, anyone anywhere in Nigeria can send and receive money through a MoMo Agent in his or her neighbourhood. We intend to expand the range of financial services offered once the Central Bank of Nigeria (CBN) grants approval for a payment banking licence.”

Meanwhile, YDFS plans to roll out about 500,000 agents across all states in Nigeria and the Federal Capital Territory (FCT).

The formal launch followed the successful award of a Super-Agent licence to the telecommunications company.

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