The advent of FinTech has no doubt helped to improve the financial inclusion of several sections of the Nigerian business community that where hitherto unreachable.
Several organizations have succeeded in deploying FinTech solutions to ensure seamless, effective conduct of small and big business transactions across board.
Tech-giant MTN, through its subsidiary – Y’ello Digital Financial Services (YDFS) – launched a new financial service platform called MoMo Agent in Imo state, South-East Nigeria.
The partnership is aimed at supporting the CBN financial inclusion drive by providing safe and accessible money transfer to millions of Nigeria’s unbanked.
So far it would appear the enthusiasm is surreal.
Indeed, so enthusiastic are Imo businesses for the product, that over a thousand registered MoMo Agents and counting in the State.
At the popular Relief Market in Owerri, traders commended MTN for bringing easy financial services to their doorsteps.
“We no longer have to go to the bank to send money to customers. Now we can do it from the comfort of our shops and even get some commission,” said Chinyere Ajuzieogu, a textile merchant.
“I am grateful to MTN and their subsidiary, the YDFS for helping us ease financial transactions,” she said.
Another trader, Mr Hyacinth Ugorji commended YDFS for the timeliness of the launch adding that the product would be greatly beneficial to traders especially with the approaching yuletide.
How it works
- Customer (Sender) approaches Agent to send money and hands over cash to agent
- Agent enters sender and receiver’s phone numbers and performs transaction
- The Customer (Sender) receives a 5 digit secret code to be shared with the receiver for redemption while the receiver receives a different 5 digits token required at the point of redemption
- The sender informs the receiver to take both tokens to the nearest Agent for cash redemption
Customers can perform Cash2Cash transaction at a MoMo Agent outlet. Cash2Cash is a MoMo Agent service that allows customers of MTN to send and receive money from any part of Nigeria.
They don’t need to have a bank account to send or receive money. All that is required is a visit to a MoMo Agent to either send or receive money.
MTN says about 500,000 Agents across Nigeria will be added nationwide.
Currently the launch has already taken place in Lagos, Port Harcourt, Ibadan and Kano, after the official launch in Abuja on August 29.