MTN Y’ello Digital Financial Services , a subsidiary of MTN Nigeria on Sunday launched Mobile Money Transaction Service in Dambatta local government area of Kano state.
The regional launch and sensitization event introducing MoMo Agent service was carried out by officials of Y’ello Digital Financial Services (YDFS) Ltd., a subsidiary of MTN Nigeria at the Dambatta central Market.
Speaking to newsmen shortly after the event, Kumar Abubakar, a Senior Manager at the Kano office explained that the system eases the demands of their customers who seek to send money to their friends and relatives in any part of the country.
Describing the complementary function of the MoMo Agent to traditional banks, Abubakar said the concern ha always been on how to serve Nigeria’s who are financially exclusive and bring them into the financial system.
According to him, people want to send money to their friends or relatives but they find it difficult to do cash transaction.
“People purchase credit cards and send it to them to sell to agents and get the money. Based on this, a subsidiary of MTN, came up with a new product which was licensed by the Central Bank of Nigeria to do cash transaction,” he said.
Abubakar said that the network ha about 63 million subscribers in Nigeria and over four million in Kano would provide reliable financial transactions base that will ease the public need.
He explained that they were targeting 50,000 people before the end of the year and that they have 3000 agents so far in Kano.
Earlier, the regional manager MTN mobile financial services, Mr. Mohammed Abubakar, said that 75 percent of people in Kano are financially exclusive.
He said that MoMo Agent was officially launched in Abuja on August 29, 2019.
According to him, “The Central Bank of Nigeria (CBN) has its financial inclusion agenda.
“The concern has been how do we reach these people and get them included ? It is for this reason I believe that the CBN is licensing companies like ours to assist in delivering financial services.
“It is such that if you have a brother anywhere in Nigeria, you can send cash to him through our MoMo agent and then he can go to a MoMo agent nearest to him and collect cash without any charges. This is why we are here,” Abubakar said.