Nigeria’s leading telecoms services provider, MTN Nigeria Plc, on the 29th of August , 2019 launched its much anticipated mobile money transfer service which is called MoMo Agent Network. This is part of the company’s ambition to replicate in Nigeria, the success of Safaricom’s M-Pessa in Kenya.
Speaking during the launch which happened in Abuja, the company’s Chief Executive Officer, Ferdi Moolman, claimed that that the newly-launched service would facilitate easier money transfer among Nigerians.
Meaning of MTN MoMo Agent
It is a financial mobile money transfer service designed to ease the process of money transfer in Nigeria especially in rural areas with poor access to banking and financial services.
The product launch is coming barely two months after the Central Bank of Nigeria (CBN) granted the telco a super agent license to provide banking services.
Achieving Financial Inclusion: Note that MTN’s MoMo Agent Network will specifically target the unbanked population in Nigeria, specifically those remote areas without easy access to traditional financial services providers. The move is expected to contribute immensely to the CBN’s bid to actualise financial inclusion in the country.
The company hopes to become a full-fledged financial services bank one it obtains the necessary approvals from Nigeria’s apex bank.
MTN Nigeria’s MoMo is expected to heighten the competition in the Nigerian financial services space where Fintechs such asPaga are already playing. But the company’s main competitors would be commercial banks who have dominated the space for years.
MoMo has some advantages that could help it compete effectively. The fact that millions of Nigerians already have MTN lines means that the company can easily leverage that to offer its services. Recall that this is the same thing Kenya’s biggest telco (Safaricom) has successfully done with its M-Pesa mobile money transfer service.
The possible success of this newly-launched service means that MTN Nigeria Plc is poised for more profitability in a market it has witnessed consistent success over the years. The company’s recently-released H1 2019 financial results showed that profit after tax increased by 34.8% to N98.9 billion.
This is what MTN message reads : Send/Receive cash with MoMo! You can now send and redeem money sent to you with ease. Simply dial *223# to locate a MoMo agent near you.Pls SUBSCRIBE below to our Youtube channel and mailing list to get fresh updates on money making and inspiring videos and articles.