MTN, Nigeria’s biggest telecoms firm, has launched a mobile money transfer service, to carter to those without bank accounts, and plans to become a payment services bank once it obtains approval from the central bank.
In a press conference held on Thursday, the subsidiary of MTN Nigeria, Yello Digital Financial Services, which runs its service under the licence of Nigeria central bank, announced that its ‘Super Agent Network’ is available for users.
MTN Nigeria’s general manager of financial services Usoro Usoro said the use of the agent network is aimed to “solve financial exclusion across Nigeria.”
According to Mobileworldlive, more than 100,000 MTN retailers have applied to be part of the scheme, which allows them to provide cash transfer services through mobile money wallets.
The launch which took place in Hilton Hotel is seen as a significant move by experts and industry players.
Also, MTN in a series of tweets, added agents taking part had been vetted and an “adequate provision of education to customers will be done” in order to eliminate fraud on the platform.
The development gives MTN the ability to provide standalone financial services in the country, as it awaits permission to launch its Payment Service Bank.
MTN Nigeria, owned majorly by South Africa’s MTN Group , was awarded a licence by Nigeria’s central bank in July which would allow the telecoms firm to provide financial services.