MTN begins banking services, to roll out 500,000 agents across Nigeria
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
MTN Nigeria has announced the commencement of its super agent network -MoMo agent network, billed to provide banking and other financial services to Nigerians across the nation.
Making the announcement in Abuja on Thursday during the network’s launch, Ferdinand Moolman, chief executive officer of MTN Nigeria 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 nation.
The launch of the YDFS MoMo Agent is especially significant to us. It further demonstrates our commitment to remain focused on enhancing Nigerian’s access to financial services, and in so doing, connect them to what is most important to them.”
The MoMo Agent Network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.
An extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria, the telco cum Fintech company, said in a statement made available to business a.m.
With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s (CBN) drive for financial inclusion.
The CBN had recently awarded a Super-Agent License to Y’ello Digital Financial Services, “YDFS,” a subsidiary of MTN Nigeria.
In his comments, YDFS director, Usoro Usoro, noted “Our MoMo Agent network opens up a host of opportunities, 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 their neighbourhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.”
In the statement, the company also said it’s subsidiary-Y’ello Digital Financial Services plans to rollout about 500,000 agents spread across all states and the Federal Capital Territory.