Mobile Money: The Full List As YDFS Expands Cardless Cash Withdrawal Service To Over 40 Financial Institutions

Mobile money service provider, Y’ello Digital Financial Services (YDFS) has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide, providing seamless financial solutions to more people. Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks.

Using the service, customers can visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or ATM card. The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.

Commenting on the expansion, Chief Executive Officer, Y’ello Digital Financial Services, YDFS, Usoro Usoro said, “We all must play our part in the Federal Government’s financial inclusion drive, which we know is essential for every Nigerian. With this, more MoMo users can walk up to the nearest MoMo Agent to withdraw cash from their bank account without visiting a bank or an ATM.”

Launched in 2019, MoMo Agent expanded its financial services in 2020 for underbanked and unbanked communities to include bill payment, cash deposit and withdrawal, data and airtime purchase and bulk disbursement services. With an agent base of over 150,000 spread across over 700 local governments, customers on the MTN network can dial *223# to locate the nearest MoMo Agent.

Why it matters
With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the Central Bank of Nigeria’s (CBN) financial inclusion target of 95% by 2024. This target was reviewed in 2019 as part of a five-year strategy to sustain inclusive economic growth.

To achieve this, Nigeria must attain an inclusive financial sector that has closed the gender gap. As at 2018, Enhancing Financial Innovation and Access (EFInA) revealed that only 59.1% of women compared with 67.5% of men were financially included representing a gender gap of 8.4%. The nature of mobile money makes it easier for women in rural areas to access financial services, which in turn stimulates economic growth.

The cardless cash withdrawal is a good initiative to deepen this inclusion. With the service, residents in rural areas can perform financial transactions without worrying about or using an ATM card. It is another major collaborative step between the mobile money service provider, YDFS and commercial banks in Nigeria.

List of Financial Institutions

First Bank of Nigeria
Zenith Bank
GTBank Plc
Access Bank
Access (Diamond) Bank
Ecobank PLC
Standard Chattered Bank
Fidelity Bank
United Bank for Africa (UBA)
Unity Bank
Union Bank
Sterling Bank
First City Monument Bank (FCMB)
Skye Bank
Wema Bank
Enterprise Bank
Keystone Bank
Jaiz Bank
Stanbic IBTC Bank
Suntrust Bank
Heritage Bank
Citi Bank
Coronation Merchant Bank
Pagatech
Paycom
Access Money
Etranzact
Eco Mobile
Fidelity Mobile
GT Mobile
Zenith Mobile
Money Box
Safetrust Mortgage Bank
Covenant Microfinance Bank
NPF Microfinance Bank
Fortis Microfinance
ReadyCash
Omoluabi Mortgage Bank
Sterling Mobile
Page MFB
Stanbic Mobile Money
Fortis Mobile
TagPay
FBN Mobile