The South African Mobile Telephone Network, MTN, has recently upgraded its mobile money transfer platform features. The MTN super Mobile Money Agent (MoMo Agent) is powered by the Y’ello Digital Financial Services (YDFS), MTN Nigeria’s subsidiary. The upgrade administers its FinTech platforms that complement traditional banking services encompassing access to effortless financial services.
As of August 2019, MoMo Agent was launched in Abuja for immediate commencement of offering secured, fast, and accessible financial services. The mobile money transfer platform carts the same objectives that tally with the Central Bank of Nigeria that empowers the unbanked individuals, whereas the MoMo transfer platform was established to make cash transfer available for underserved communities within Nigeria.
Overtime, the YDFS has successfully administered its FinTech program to ensure its cash transfer platform progresses. In essence, to give its users more options to achieve more tasks using MTN MoMo services, its administrators have included the payment features to promotes further accessibility.
MTN said: “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.”
The telecommunication operator explained the alternatives they provided for performing multiple tasks on the MTN mobile money transfer platform is not limited to the unbanked or the undeserved communities. In contrast, MTN MoMo is also apt for commercial retailers and formal businesses to manage financial payment within Nigeria.
MTN added: “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.”
Usoro Usoro, the Chief Executive Officer of YDFS, also highlighted the objective of his FinTech organization; to promote funding continuity across Nigeria through its transfer platform, which is under the license of its governmental Institute that is the central bank.
“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 neighborhood. This is our goal to reach Nigerians everywhere, enriching lives and supporting the Federal Government’s financial inclusion drive,” Usoro said.
The digital economy now serves as a cash cow to generate more revenue. On behalf of the banks in Nigeria, YDFS aims to offer agency banking services under the CBN agent banking framework that facilitates its FinTech platform objectives to stimulate development.
Initially, YDFS has it on its plan to establish over 500,000 agents across the states of Nigeria. Overtime, they have accomplished an active base of 150,000 MoMo agents in the country’s financial services continuity.
In a statistical report by Enhancing Financial Innovation and Access (EFInA), over 36.6 million Nigerians above eighteen are not financially buoyed. This Represents 36.8 percent of the Nigerian populace without financial access.
Meanwhile, after the Access to Financial Services Survey conference hosted by EFInA in 2018, the Nigerian federal government decided to positively change Nigeria’s economy and population-based on the EFInA statistical report.
The Nigerian Federal government intended to empower 80% of its citizens via the central bank. There is a consistent flow of funding, just as MoMo Agents serves as a means to ensure unlimited access to funds. The platform also created job opportunities.