A subsidiary of MTN Nigeria Communications Plc, Y’ello Digital Financial Services (YDFS) Limited, on October 27 and 29, 2019, visited the Danbatta and Wudili Markets in Kano State for the regional launch and sensitisation event introducing the MoMo Agent, a financial service product of YDFS.
The Kano unveiling came after previous regional launches that took place in markets in Lagos and Port Harcourt between September 26 and 28, 2019, and on October 10, 2019 in Ibadan, at the Bodija Market. The next and last phase of the regional launch is Owerri.
Fielding questions during the MoMo Agent launch and sensitisation event in Danbatta Market, Kumar Abubakar, Senior Manager Sales and Distribution, MTN Nigeria, Kano, while attesting to the uniqueness and importance of the mobile money service, said that in the Danbatta area of the State, that a greater number of the population were underbanked and unbanked.
“About 75 percent of the population in this part of Kano are financially excluded; they have not been covered and find it difficult to do cash transactions.”
However, Abubakar said MTN was leveraging its vast outreach of over 61 million subscribers across Nigeria and over four million subscribers in Kano to bridge this difficulty and provide reliable financial services.
“If you look at other competition we have in Nigeria, you will see that they have restrictions. They have a lot of plans in Nigeria but they don’t have coverage. So, what we leverage on is our customer base such that everywhere you go you will find an agent close to you and effect your transaction. What we are planning is to cover beyond the INEC’s polling unit per community in order to have a wide reachout for transaction,” Abubakar said.
At the launch, traders were signed up as MoMo Agents; customers carried out on-the-spot transactions; the audience were treated to impressive musical performance and gifted several household items during a raffle draw.
Officially launched in Abuja on August 29, 2019, the MoMo Agent service aims to support the Central Bank of Nigeria’s drive for financial inclusion, by providing safe and accessible money transfer to millions of Nigeria’s unbanked. Abubakar explained that YDFS is targeting 50,000 people before the end of the year and that there are already 3000 agents so far in 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. 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.
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