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MTN Nigeria subsidiary YDFS unveils MoMo Agent Network to drive inclusion

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…Targets rollout of over half a million agents across Nigeria soon

Pursuant to the successful award of a Super-Agent License by the Central Bank of Nigeria (CBN), Y’ello Digital Financial Services (YDFS), a subsidiary of MTN Nigeria has announced the launch of its super-agent network service to be known as ‘MoMo Agent’ on Thursday in Abuja.

The telecom giant said in a statement that the extensive network of MoMo Agents has been tailored to provide safe and accessible money transfer services to underbanked and unbanked people across Nigeria.

Industry observers say with this, MTN Nigeria has effectively joined in the drive by the apex bank to accelerate financial inclusion especially areas that are underserved by financial institutions.

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, connects them to what is most important to them.”

Moolman averred that “The MoMo Agent Network is packaged to complement existing banking services by extending access to simple money transfer services and other financial services nationwide.

In his remarks, 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 neighbourhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.”

Business Hilights gathered that YDFS scheme plans to rollout about 500,000 Agents spread across all states and the Federal Capital Territory as soon as possible.

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