Uche Usim Abuja and Chinyene Anuforo
Y’ello Digital Financial Services, (YDFS), a subsidiary of MTN Nigeria on Thursday launched a super-agent network service named ‘MoMo Agent’, in its efforts to deepen financial inclusion in the country.
The launch follows the successful award of a Super-Agent License by the Federal Government.
Speaking at the launch in Abuja, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman, said YDFS plans to rollout about 500,000 agents spread across all the 36 states and the Federal Capital Territory.
He noted that the extensive network of MoMo agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria.
He said: “With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s drive for financial inclusion.
“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.”
Moolman added that the MoMo Agent network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.
Also speaking at the event, 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.”
YDFS is a financial service provider licensed to deliver agency banking services under the Central Bank of Nigeria agent banking framework.