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MTN Boost CBN’s Financial Inclusion with addition of 500,000 Agents

MTN Nigeria CEO, Ferdi Moolman


The Central Bank of Nigeria financial inclusion strategy has received a major boost with the addition of 500,000 agents by MTN’s subsidiary, Y’ellow Digital Financial Services (YDFS).

At a sensitization Programme on the initiative at the Relief Market Plaza in Owerri, the state capital, facilitators said the CBN’s financial inclusion drive would help residents to do their businesses with ease.

The agents who were added through the MoMo Agency banking seeks to support the CBN’s efforts by providing “safe and accessible money transfer,” to millions of Nigeria’s unbanked and underbanked.

The General Manager, Eastern Regional Operations, MTN Nigeria, Innocent Entonu, speaking strength the unveiling of the agents as part of a regional drive, said the Programme is being promoted by one of the telco’s subsidiary, Y’ellow Digital Financial Services (YDFS), Limited.

He explained: “As you’re aware, the MoMo Agent is already being utilised by the people of Imo, and so this launch and sensitisation event is to officially introduce the product, and also inform the larger Imo populace of our presence. Our goal remains to partner the CBN to increase the apex banks’ financial inclusion drive.”

He added that a similar event had also taken place in Abuja, in August, as well as in various markets in other regions in the country, including Lagos, Port Harcourt, Ibadan, and Kano.

“The idea behind the regional launch and sensitisation event is part of the YDFS’s mission to put financial services within easy reach of every bankable Nigerian.

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“With the MoMo Agent service complementing existing banking services via extending access to simple money transfer services and other financial services nationwide, the subsidiary plans on rolling out about 500,000 Agents across Nigeria, as well as the Federal Capital Territory,” he explained.

Also speaking, the Activation Manager, Mobile Financial Services, Daniel Orobiyi, revealed that so far, over 1,000 agents had registered in the Momo in Imo State.

He described the successes recorded as acceptable new ways of doing secured businesses.

The event witnessed signing up to Momo and raffle draw gifts by some traders and those present.