Y’hello Digital Financial Services (YDFS) Limited, a subsidiary of MTN Nigeria, has launched its financial service product named MoMo Agent in Kano.
The launch was held at Danbatta and Wudil markets in Kano. Speaking at the event, the Senior Manager, Sales and Distribution, MTN Nigeria, Kano, Kumar Abubakar, said there is need to bridge the gap between the banked and unbanked, especially in Danbatta area of Kano.
He said that a large number of the town’s populace are either unbanked or underbanked.
“About 75 percent of the population in this part of Kano are financially excluded; they have not been covered and find it difficult to do cash transactions,” he said.
MTN has 61 million subscribers in Nigeria; four million of them are in Kano. However, Abubakar said the company is going to leverage on the voluminous number of subscribers to close the existing gap in financial services in the state.
“If you look at other competition we have in Nigeria, you will see that they have restrictions. They have a lot of plans in Nigeria but they don’t have coverage.
“So, what we leverage on is our customer base such that everywhere you go you will find an agent close to you and effect your transaction. What we are planning is to cover beyond the INEC’s polling unit per community in order to have a wide reach-out for transaction,” Abubakar added.
The launch witnessed a massive turn up of traders who were introduced to the platform; many were registered as MoMo agents, and there was a raffle draw that enabled attendees to win gifts of household items.
MoMo was launched in August 29, 2019, as part of MTN’s support to Central Bank of Nigeria’ drive for financial inclusion. Since then, it captured Abuja, Lagos, Port Harcourt and Ibadan, the Oyo State capital. MTN said that the next city MoMo will be launched in is Owerri.
Abukakar explained that the target of YDFS is to have 50,000 people before the end of the year. He noted that Kano already has 3,000 agents.
“The idea behind the regional launch and sensitization event is part of the YDFS’s mission to put financial services within easy reach of every bankable Nigerian. With 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,” he said.