Y’ello Digital Financial Services (YDFS) Limited, a subsidiary of MTN Nigeria PLC has launched its financial service product named ‘MoMo Agent’ in Kano.
Speaking at the launch held at both Danbatta and Wudil markets in Kano, the Senior Manager, Sales and Distribution, MTN Nigeria, Kano, Kumar Abubakar, said that a greater number of the population were under-banked and unbanked, especially in Danbatta area of the state.
“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,” he said.
Abubakar added that MTN was leveraging on its vast outreach of over 61 million subscribers across Nigeria and over four million subscribers in Kano in particular to bridge the 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 reach-out for transaction,” Abubakar noted.
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, a statement from the telecom giant on Thursday noted.
It added: “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 adding that there are already 3,000 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,” it stated.
The Kano launch is coming after previous regional launches held in markets in Lagos and Port Harcourt last month and on October 10, 2019 at the Bodija Market in Ibadan, Oyo state. It further said that the next phase of the regional launch is billed for Owerri, in Imo state soon.