… Launches Fintech strategy to accelerate financial inclusion
Lagos, Nigeria, August 29, 2019
Following the successful award of a Super-Agent License, Y’ello Digital Financial Services, “YDFS,” a subsidiary of MTN Nigeria has opened its doors, announcing the launch of its super-agent network service named ‘MoMo Agent’ at an event in Abuja on August 29, 2019.
The extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria. With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s drive for financial inclusion.
Speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman said, “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.”
The MoMo Agent Network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.
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 neighborhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.”
Y’ello Digital Financial Services plan to roll out about 500,000 Agents spread across all states and the Federal Capital Territory.
Yello Digital Financial Services (YDFS) is a financial service provider licensed to deliver agency banking services under the CBN agent banking framework. It is a subsidiary of MTN Nigeria and operates the MoMo Agent service.