MTN Nigeria to Launch Momo Mobile Bank

By Dipo Olowookere

There are strong indications that the management of MTN Nigeria Communications Plc will soon launch its mobile money platform in the country in the coming weeks. Already, the telecom is dotting the i’s and crossing the t’s for a smooth unveiling and operations.

Recall that last month, Business Post reported that MTN Nigeria, through its subsidiary known as Yello Digital Financial Services Limited, secured a licence to provide financial services to millions of Nigeria.

Latest information reaching us has it that the Africa’s largest telco will commence mobile banking services in Nigeria very soon and this would be called MTN MoMo, ostensibly coined from Mobile Money.

Already, a similar service is offered by the Ghana subsidiary of MTN Group, which commenced trading of its shares on the Ghana Stock Exchange in 2018 after an Initial Public Offering. The company also operates MTN MoMo in Cameroon, with high success rates in the two countries.

In May 2019, MTN Nigeria listed its shares on the Nigerian Stock Exchange (NSE) via introduction at N90 per unit and at the close of business today, Wednesday, August 28, 2019, it traded at N140.95k per unit.

From what Business Post gathered, the MTN MoMo to be launched in Nigeria will allow existing and new subscribers to make use of their phone numbers as an e-wallet.

With this, customers of MTN Nigeria can send and receive money. They would also be able to make payments for goods bought or to any other MoMo user or any other bank account holder.

On July 31, 2019, Business Post reported that MTN Nigeria was planning to convert its existing airtime dealers spread across the country to mobile money agents.

“MTN Nigeria Communications Plc announces that its subsidiary, Yello Digital Financial Services Limited (YDFS) has been granted a full Super-Agent Licence by the Central Bank of Nigeria (CBN).

“The Super-Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN Nigeria to convert their existing airtime agents and recruit other small businesses to distribute financial services,” the firm had said in a statement.