36.6 million unbanked customers to benefit as MTN launches MoMo service

MTN says, over 36.6 million unbanked customers will benefit from its super-agent network service named ‘MoMo Agent’ as part of Financial Inclusion Drive in the country.

Mr. Usoro Usoro, Director, MTN Y’ello Digital Financial Services (YDFS) disclosed this at the launch of the ‘MoMo Agent’ in Abuja in Thursday.

Usoro explained that Nigerians would benefit from the scheme by sending and receiving money through the MoMo Agent within their neighbourhood.

He said MTN intended to expand the range of financial services offered, once the Central Bank of Nigeria (CBN) grants approval for a Payment Banking license.

“YDFS plans to rollout about 500,000 agents spread across all states and the Federal Capital Territory,” he said.

He said that MoMo Agents would provide safe and accessible money transfer services to underbanked and unbanked people across Nigeria.

Speaking on issue of identification, he said every agent carrying a cellphone has done a basic registration that is validated and could provide basic information needed.

He assured that any agent found to have flouted any of the rules would be taken out of the network to checkmate fraud.

He also explained that N100 flat rate would be charged for the transaction from the sender and the receiver, representing cost of cash conversion, transportation and bank to bank transfer.

Also speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman, expressed joy at the service and thanked the telecoms industry for promoting digital economy.

Moolman noted that the MoMo Agent was critical to inclusive development and future economic growth of the country

He said the MoMo Agent Network will compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.