MTN is targeting 36 million Nigerians without bank accounts with the launch of a mobile money transfer service

MTN Nigeria signpost in Lagos (Biznews)
  • MTN Nigeria to financial operations through MoMo agents
  • Nigeria's central bank is targeting 80% financial inclusion by 2020.

MTN Nigeria has launched a mobile money transfer service to provide financial services across the country.

At the launching ceremony on Thursday, August 29th in Abuja, MTN Nigeria said it is going to deepen financial inclusion with the launch of MoMo Agent in Abuja and other parts of the northern states.

With this move, MTN Nigeria will be targeting about 36.6 million Nigerian adults, representing about 36.8% of the Nigerian adult population who do not have access to formal financial services, according to Enhancing Financial Innovation and Access (EFInA).

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.

In July, the Central Bank of Nigeria (CBN) granted MTN license to provide financial service as part of an effort to increase financial inclusion in Nigeria.

The Central Bank of Nigeria (CBN) said it is committed to reducing the population of unbanked Nigerians to at least 20% by 2020.

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