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.
Commenting on the expansion, the Chief Executive Officer of YDFS, Usoro Usoro said, “I am excited to announce the expansion to our MoMo Agent service. Our goal is to reach every underbanked and unbanked person in Nigeria, and we are focused on achieving that. Anyone, anywhere in Nigeria can handle financial transactions within their neighbourhood. This is our goal to reach Nigerians everywhere, enriching lives and supporting the Federal Government’s financial inclusion drive.”
With an agent base of more than 150, 000 and growing, the ‘MoMo Agent’ service is licensed by the Central Bank of Nigeria to recruit agents to provide financial services within communities on behalf of banks.
YDFS, a subsidiary of MTN Nigeria, launched ‘MoMo Agent’ services to provide safe and accessible money transfer services to financially underserved communities across Nigeria. These expansions come as YDFS leverages its vast distribution network to disburse funds to beneficiaries at the last-mile, including towns and villages in all local government areas across the country.