MTN Nigeria Introduces Mobile Money, Momo

MTN Nigeria has launched a mobile money transfer service. This is news financial unit is targeting the unbanked Nigerians and plans to provide payment services peculiar to banks maybe even better once it completes the approval process from the Central Bank on Nigeria.

 

MTN Mobile Money Momo
Source; MTN

M-Pesa’s success in East Africa, convinced investors and the industry that financial services are the next growth area for the telecoms sector, where prices for basic services are falling.

Nigeria said last year, that it would allow telecom companies to provide banking services, aiming to give millions of Nigerians without bank accounts access to mobile money services.

Majority owned by South Africa’s MTN Group, the network serves around 56 million users.

MTN Nigeria’s CEO, Ferdi Moolman says its Yello Digital Financial Services Limited (YDFS) unit will extend access to simple money transfer. More than half of Nigeria’s population of 180 million do not have a bank account.