Following the launch of its super-agent network service, ‘MoMo Agent,’ Y’ello Digital Financial Services (YDFS) has announced the expansion of its MoMo products and services, in a bid to deepen financial inclusion in Nigeria.
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.
According to a 2018 Access to Financial Services Survey by Enhancing Financial Innovation and Access (EFInA), 36.6 million adults, representing 36.8% of Nigeria’s adult population, are financially excluded. The Federal Government, through the Central Bank of Nigeria (CBN), announced plans to ensure that 80% of Nigerian adults are financially included by 2020. YDFS is one of the leading Nigerian entities working to accelerate the CBN’s financial inclusion drive.