All You Should Know About #MoMo1000 Agents In Kano Emirate
As part of the activities marking the coronation of His Royal Highness, the 15th Emir of Kano, Alhaji Aminu Ado Bayero, 1,004 youths within the Emirate under the MTN/YDFS empowerment scheme were inaugurated as MoMo Agents. This is in line with the youth empowerment objectives of the Kano State Government and the Kano Emirate.
According to a 2020 Access to Financial Services Survey by Enhancing Financial Innovation and Access (EFInA), 36% of Nigerians are still financially excluded, with a majority being from northern Nigeria. Within the north, the rate of exclusion is higher in the northwest, with 68% not having access to financial services.
Y’ello Digital Financial Services (YDFS), the fintech subsidiary of MTN Nigeria supports the federal government’s financial inclusion programme by leveraging MTN Nigeria’s vast telecommunications infrastructure and other resources to take financial services to the people.
The over 1000 youths were selected based on the recommendation of their respective district heads, having been trained on the services and general skills on how to run their own business.
Here are some things to know about the inauguration:
An opportunity for growth: The empowerment is significant in providing employment opportunities to the youths and bringing financial services to many rural communities in the emirate. The 1004 agents empowered are the last mile in the value chain and their collective goal is to take financial services to the financially excluded in Kano Emirate. This collaboration with Kano Emirate Council is the first of its kind as well as a part of diverse partnerships forged by YDFS.
Recently, Mercy Corps ‘Building Resilience in Complex Crisis (BRICC) program supported by the European Union signed a partnership with YDFS to efficiently deliver automated cash transfers and provide avenues for participants with or without bank accounts to receive funds.
The presence of MoMo Agents in the Kano Emirates means faster, and more efficient means of delivering cash transfers: MoMo Agents provide safe, fast, and easy access to financial services for customers through their widespread presence and reliable services. MoMo Agent services allow customers to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or card. The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.
MoMo Agent is a sustainable and profitable business model: MoMo agent network comprises all mobile money agents who sell MoMo (cash in/out), VTU, SIM cards, airtime, and other MTN products and services. They are entitled to receive commissions earned legitimately through MoMo services. All MoMo agents are given full support to help them conduct their daily activities like branding tools for proper visibility.
The onboarding process: The newly inaugurated MoMo Agents will receive a seed fund of N5,000 as a float to start the business. As MoMo agents, they can render financial services (cash withdrawal, deposit, and transfers), sell airtime and data, and pay bills (DSTV, GoTV, Startimes, energy units, etc).
The Central Bank of Nigeria granted Y’ello Digital Financial Services Limited a full Super-Agent License in 2019: The Super-Agent licence enables YDFS to convert its existing airtime agents and recruit other small businesses to distribute financial services.
Y’ello Digital Financial Services, through MoMo Agent, ensures that Nigerians can seamlessly access financial services for their personal and business needs. MoMo Agents are essential partners for Mobile Financial service providers and are key to the growth of the industry. MoMo Agents are responsible for registering customer accounts and educating customers on how to use mobile financial services.
MTN customers can dial *223# to locate the nearest MoMo Agent.
