36 million Nigerians sans formal financial services could benefit from MTN’s MoMo service.   

30 August 2019: MTN Nigeria launched its mobile money transfer service with a massive ceremony on Thursday, 29th August 2019 in Abuja. The vision of this “MoMo agent ” is to deepen the financial inclusion in the country. Their mission is to achieve 80% penetration by 2020.

The MoMo agent, which will pioneer in Abuja and other northern states,  will assist people without any bank accounts to have access to financial services at the touch of a button. The telecom-financial services firm plans to target 36.6 million Nigerian adults( 36.8% of the adult population), which according to Enhancing Financial Innovation and Access (EFInA) represents the percentage of people who don't have access to  any formal financial service.

The General Manager of the Mobile Financial Services, Usoro Usoro said that the launch of MoMo service in Nigeria was part of the company’s strategic plan to increase financial inclusion and reduce poverty level in the country.He also said that the Momo agent network will solve the problem of identity and access to financial services in Nigeria's rural communities

In July, the Central Bank of Nigeria (CBN) granted MTN license to provide financial service as part of an effort to drive financial inclusion in the country.

The Central Bank of Nigeria (CBN) said it is determined to reduce the population of unbanked Nigerians to at least 20% by 2020.

Reporting for EasyKobo on Friday , 30 August 2019 in Lagos, Nigeria

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