MTN’s fintech unit, YDFS targets 500,000 mobile money agent network

Following its award of a licence by Nigeria’s banking regulator to provide financial services, South African telecom giant, MTN has officially introduced mobile money services through its fintech unit, Y’ello Digital Financial Services (YDFS) in Nigeria.

With MTN’s fintech service, customers anywhere in Nigeria would be able to send and receive money through a MoMo Agent in their neighbourhood. The company says it plans to roll out about 500,000 Agents spread across all states and the country’s capital, Abuja, but doesn’t say how many agents have already signed up upon its launch.

“We intend to expand the range of financial services offered once the Central Bank grants approval for a Payment Banking license,” says Usoro Usoro, YDFS Director.

According to the company in a statement, the extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria.

MTN’s MoMo Agent Network will also compliment existing banking services by extending access to simple money transfer services and other financial services nationwide.