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MTN Forays into Mobile Money Transfer Service as it Launches Momo Agent

MoMo Pay

MTN Nigeria has announced the launch of its super-agent network service tagged ‘MoMo Agent’.

MTN will leverage on its expansive network across Nigeria to ensure that MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria.

Some key pointers of the operation on takeoff shall be:

1.) Customers send a text for free and get a response giving them a list of registered agents near them.

2.) Customers pay transfer sum to agents who in turn gives them a code to be transmitted to the receiver. The receiver goes to an agent near them and collects the cash.

3.) The sender will pay 100 naira though. N50 will go to the sending agent and the paying agent will also get N50.

4.) The minimum amount that can be transferred is N100 and the maximum is either N50,000 or N100,000 depending on the agent.

5.) The recipient must claim the money within 30 days or the voucher will expire.

“We are fortunate to be part of the telecoms industry which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation.

“The launch of the YDFS MoMo Agent is especially significant to us,” Ferdi Moolman, the Chief Executive Officer of MTN Nigeria said.

You may recall that MTN Nigeria was awarded a licence by Nigeria’s central bank in July that would allow the telecoms firm to provide financial services.

Usoro Usoro, General Manager, Mobile Financial Services, said the launch of MoMo service in Nigeria was part of the company’s strategic plan to drive financial inclusion and reduce poverty level.

Usoro explained that the Momo agent network will solve the problem of identity and access to financial services in Nigeria’s rural communities.

According to the director, some of the services the telecommunication company will be able to provide through the MoMo Agent include money transfer, purchase of data, airtime, and payment of bills.

Meanwhile, MTN Nigeria is among the list of applicants awaiting the Payment Service Bank (PSB) license from the central bank.

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