November 28, 2022

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INTERNET PROVIDER BLOG

MTN’s MoMo PSB good points traction, transaction volumes hit 7m


MTN Nigeria’s fintech subsidiary, Cellular Cash Cost Service Financial institution (MoMo PSB), has gained traction and contributed to the nation’s monetary inclusion push, with transaction volumes hitting 7 million inside months of operation.

MoMo PSB formally commenced in operation in Might, 2022 following the ultimate approval for a Cost Service Financial institution (PSB) granted by the Central Financial institution of Nigeria (CBN).

Based on the newest monetary inclusion report by Enhancing Monetary Innovation & Entry (EFInA), about 36 per cent of the grownup inhabitants (106 million), representing 38 million residents, shouldn’t have entry to monetary providers in Nigeria.

The EFInA knowledge confirmed that 64 per cent of Nigerian adults have been financially served by the tip of 2020 — up from 49 per cent in 2018.

Of the 64 per cent, EFInA mentioned solely 51 per cent of Nigerian adults have entry to formal (regulated) monetary providers as a consequence of choices from banking, microfinance financial institution establishments, cell cash, insurance coverage, or pension accounts. By implication, 54 million of the grownup inhabitants has entry to banking providers.

MoMo PSB brings

one of many best and most handy methods to financial institution in Nigeria. A few of its providers embody the gathering of deposits and providing of digital accounts to banked and unbanked populations.

With MoMo, people and small companies will be capable to carry out cross-border transfers by means of out there strategies sooner or later.

MoMo PSB strengthens the CBN’s monetary inclusion drive and ensures penetration among the many unbanked and underserved in northern Nigeria and throughout the nation. It promotes monetary inclusion amongst girls and youth by means of its agent banking channels and USSD.

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Replicating success tales throughout African markets, MoMo removes the limitations to entry related to monetary providers, together with account opening, remittance providers, and buyer funds.

With MoMo PSB, people and brokers can settle for deposits from clients and small companies, maintain funds in an digital pockets, spend money on interest-bearing federal authorities and CBN securities and provide saving merchandise.

They will additionally have interaction in numerous native funds, together with service provider funds, invoice funds.