Adedapo Adesanya
By Adedapo Adesanya
Telecommunications giant, MTN Nigeria, is targeting about 36.6 million Nigerian adults, representing about 36.8 percent of the nation’s adult population who do not have access to formal financial services.
The company hopes to reach these people with the launch of its mobile money transfer service called MoMo to provide financial services across the country which aligns with the Federal Government’s target of 80 percent inclusion by 2020.
The service, which was launched on Thursday, August 29 in Abuja, is going to deepen financial inclusion in the country. MTN Nigeria said it would used MoMo Agent in Abuja and other parts of the northern states to deepen financial inclusion.
MTN Nigeria’s general manager of financial services Usoro Usoro said the use of the agent network aimed to solve financial exclusion and reduce poverty level across Nigeria
So far, more than 100,000 MTN retailers have applied to be part of the scheme, which allows them to provide cash transfer services through mobile money wallets.
In a series of tweets via the company’s Twitter handle, the company disclosed that added agents taking part had been vetted and an adequate provision of education to customers will be done in order to eliminate fraud on the platform.
The move significantly increases the company’s ability to provide standalone financial services in the country, though it is still awaiting permission to launch its Payment Service Bank.
The MoMo Agent Network complements existing banking services by extending access to simple money transfer services and other financial services nationwide.
MTN Nigeria was granted a licence to operate by the central bank in July to provide financial services.
