MoMo Agent, The Y’ello Mobile Money, Launches In Major Nigerian Cities

Over the weekend, officials of the Y’ello Digital Financial Services (YDFS) Ltd., a subsidiary of leading telecommunications company, MTN Nigeria, stormed various market locations across the country including Igando, Ikotun and Iyana Ipaja markets in Lagos as well as the popular Mile One Market in Port Harcourt, Rivers State, for the regional launch and sensitisation event following the introduction of the MoMo Agent Network financial service.

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 the millions of Nigeria’s underbanked and unbanked.

The first phase of the regional launch which took place in Lagos and Port Harcourt between September 26 and 28, 2019, will continue in the coming weeks in Kano, Ibadan and Owerri.

Speaking at a live demo session on how the MoMo Agent works at the Igando market, Cyril Ilok, Chief Risk and Compliance Officer at MTN Nigeria, while recounting the difficulty it took people in the not too distant past to deliver money to their loved ones via interstate transport, said the key advantage of the MoMo Agent is to prevent revenue leakage.

“You no longer need to spend time that is supposed to be for your business chasing financial transactions because the MoMo Agent is quick and instant regardless of the city in Nigeria where the recipient is located,” Cyril enthused.

There was a surprise appearance by Nollywood sensation, Sanyeri Afonja, at the Igando market, which left the crowd ecstatic; and music performances at the Ikotun and Iyana Ipaja markets to spice up the launch. Also, customers carried out on-the-spot transactions and were rewarded with gifts such as home appliances, branded stationery, among others.

In Port Harcourt, at the Mile One market, YDFS Director, Usoro Usoro, said the MoMo Agent Network opens up a host of opportunities, one that creates employment and facilitates business in rural and urban areas across Nigeria. According to him, the idea is to leverage MTN’s extensive distribution network and capabilities to provide financial services to the unbanked Nigerians living in communities spread across the country.

“The people we are very passionate about are those who don’t have a bank account, and we are saying that with MoMo Agent, you can send money to any part of the country. This is why we chose to visit the Mile One Market to demonstrate our service,” Usoro said.

At the launch, interested traders in Mile One market were signed up as MoMo Agents; one such person being Ms. Obilor Ogechi, a trader in kitchen utensils. Asked why she was signing up, Ms. Ogechi said that she was excited with the offering from the YDFS, saying that being a very busy businesswoman, she was certain it would make life easier for her.

“Ideally, my bank is very far from the market, and so it’s usually difficult for me leaving my shop to go send money to someone. Also, look at right now, it is raining and would have been extra difficult if I wanted to go to the bank to send money,” Ogechi said.

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.