With MoMo Agent, Nigerians Can Withdraw Cash From Any Bank Without an ATM Card
With the recent expansion of the MoMo Agent Service, Nigerians all over the country can now withdraw, send and receive cash without having an ATM Card or even a bank account. MoMo Agent was launched in 2019 by MTN Nigeria’s subsidiary. Y’ello Digital Financial Services (YDFS) to provide financial services to the underbanked and underserved communities.
Since its inception, MoMo Agent has championed the mobile money game in Nigeria by consistently innovating to create solutions for millions of Nigerians with little or no access to basic financial services. The limited availability of traditional banking systems like bank branches and ATMs in unpopular areas across the country has deprived millions of Nigerian citizens living in these communities.
As of 2010, only about 36.3% of adults had access to financial services. It was the Central Bank of Nigeria’s (CBN) National Financial Inclusion Strategy (NFIS) initiated in 2012 that kickstarted the race to a financially inclusive society. The NFIS target was to make 80% of Nigerian adults financially included by 2020. By 2018, according to EFinA, only about 63% of Nigerians had access to basic financial services. The CBN’s financial inclusion target was however revised in 2019 (the same year MoMo Agent was launched) as part of a five-year strategy, to attain an inclusion rate of 95% by 2024.
One of the challenges that have troubled the financial inclusion goal is accessibility to the financially underserved communities. MoMo Agent, in the years following its launch, has aided the financial inclusion pursuit with its over 300,000 mobile money agents strategically spread across the country to provide basic financial services to Nigerians without the aid of banks or ATMs. These agents perform services like cash to cash transactions, bill payments, airtime and data purchase, including sending and receiving money from anywhere in the country.
To further provide seamless services to its customers while also furthering the Federal Government’s financial inclusion goal, MoMo Agent has now partnered with several financial institutions in Nigeria to enable anyone withdraw cash without the use of an ATM card. This service which was initially exclusive to Access Bank is now available to all across the country who perform transactions using any of the top 40 banks, including First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa (UBA), and many more tier one banks.
As part of expansions, MoMo Agent also partnered with some online gaming platforms like Betway and Betpawa. The strategic partnership will enable customers to cash out their winnings, fund their wallets and perform other financial services conveniently at any MoMo Agent outlet nationwide. Customers can locate the MoMo Agents nearest to them by dialling *223# on their MTN line.
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Source: Legit.ng
