Sunday, November 29, 2020

MTN updates MoMo Agent services, enables more payment offers

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Telecommunications service provider MTN said its Super-Agent network service, ‘MoMo Agent, has been expanded to include other payment services.

“MoMo Agent is here to provide secure and accessible money transfer services to economically underserved communities in Nigeria

It was recently launched by Y’ello Digital Financial Services, YDFS, a subsidiary of MTN Nigeria.

The new development, according to MTN, is to deepen financial inclusion efforts in the country. The telco said: “As part of the expansion, ‘MoMo Agent’ has been upgraded with bill pay, cash deposit and withdrawal, as well as airtime and data purchase components.

“The updates also include bulk disbursement services that allow public and private companies to make bulk payments anywhere in Nigeria without a bank account, ATM availability or bank branch,” he explained.

YDFS CEO Usoro Usoro said: “I am pleased to announce the expansion of our MoMo Agent service. Our goal is to reach everyone with and without access to banking services in Nigeria, and we are focused on achieving that.

“Anyone, anywhere in Nigeria, can handle financial transactions within their neighborhood. This is our goal to reach Nigerians everywhere, enriching lives and supporting the Federal Government’s financial inclusion campaign, ”said Usoro.

With an agent base of over 150,000 and growing, the “MoMo Agent” service is authorized by the Central Bank of Nigeria to engage agents who provide financial services within communities on behalf of banks.

According to a 2018 Survey of Access to Financial Services by Improving 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.

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