Aug 31, 2019

MTN Nigeria Subsidiary YDFS Launches MoMo Agent Network


Following the successful award of a Super-Agent License, Y’ello Digital Financial Services, “YDFS,” a subsidiary of MTN Nigeria has opened its doors, announcing the launch of its super-agent network service named ‘MoMo Agent’ at an event in Abuja on August 29, 2019.


The extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria. With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s drive for financial inclusion. 

Speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman said, “I am excited by the possibilities. 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. It further demonstrates our commitment to remain focused on enhancing Nigerian’s access to financial services, and in so doing, connect them to what is most important to them.”
The MoMo Agent Network compliments existing banking services by extending access to simple money transfer services and other financial services nationwide.
YDFS Director, Usoro Usoro, noted “Our MoMo Agent network opens up a host of opportunities, creating employment and facilitating business in rural and urban areas. Leveraging MTN’s extensive distribution network and capabilities, we are putting financial services within easy reach. 
“Going forward, anyone, anywhere in Nigeria can send and receive money through a MoMo Agent in their neighbourhood. We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license.”
Y’ello Digital Financial Services plan to rollout about 500,000 Agents spread across all states and the Federal Capital Territory. 

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About YDFS

Yello Digital Financial Services (YDFS) is a financial service provider licensed to deliver agency banking services under the CBN agent banking framework. It is a subsidiary of MTN Nigeria and operates the MoMo Agent service. 

About MTN Nigeria
MTN Nigeria is Africa’s largest provider of communications services, connecting 61.5 million people in communities across the country with each other and the world.  Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant, since its launch in 2001. MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 200 million subscribers in 21 countries in Africa and the Middle East. To learn more about MTN Nigeria and its various initiatives, visit www.mtnonline.com


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