Nigeria: MTN Launches Super Agent Service

6 September 2019

Money Transfer

MTN Nigeria through its subsidiary, Yello Digital Financial Services Limited (YDFS), will today launch its full super-agent application at congress Hall, Transcorp Hilton, Abuja.

The Super-Agent called, MoMo Agent service, will enable the scale launch of MTN Nigeria’s fintech strategy, by converting their existing airtime agents while recruiting other small businesses to distribute financial services.

Prior to today, MTN through its subsidiary, YDFS had received its approval in principle for launching its Super-Agent in December 2018, and has conducted series of pilot projects so as to be granted a full licence.

The successful pilot eventually led to the granting of a full licence under which YDFS will distribute financial services to all Nigerians.

Chief Executive Officer of MTN Nigeria, Ferdi Moolman said, “I am excited by the possibilities. We are fortunate to be part of the telecoms industry which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation.

“The launch of the YDFS MoMo Agent is especially significant to us. It further demonstrates our commitment to remain focused on enhancing Nigerian’s access to financial services, and in so doing, connects them to what is most important to them.”

The MoMo Agent Network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.

According to YDFS Director, Usoro Usoro, “Our MoMo Agent network opens up a host of opportunities, creating employment and facilitating business in rural and urban areas. Leveraging MTN’s extensive distribution network and capabilities, we are putting financial services within easy reach.

“Going forward, anyone, anywhere in Nigeria can send and receive money through a MoMo Agent in their neighbourhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.” He said.

Y’ello Digital Financial Services plan to rollout about 500,000 Agents spread across all states and the Federal Capital Territory.

Source: FinTech Africa