MTN is pushing ahead to realise the Central Bank of Nigeria’s (CBN’s) financial inclusion target of 95 per cent by 2024.

The telecoms firm said pursuant to this, it has, through its mobile money service provider, Y’ello Digital Financial Services (YDFS), expanded its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide, providing seamless financial solutions to more people. Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks.

Chief Executive Officer at Y’ello Digital Financial Services, Usoro Usoro said, the firm will play its part to ensure the success of the scheme.

He said: “We all must play our part in the Federal Government’s financial inclusion drive, which we know is essential for every Nigerian. With this, more MoMo users can walk up to the nearest MoMo Agent to withdraw cash from their bank account without visiting a bank or an ATM.”

He said using the service, customers can visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or ATM card. The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.

With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the CBN financial inclusion target of 95 per cent by 2024. This target was reviewed in 2019 as part of a five-year strategy to sustain inclusive economic growth.

To achieve this, Nigeria must attain an inclusive financial sector that has closed the gender gap. As at 2018, Enhancing Financial Innovation and Access (EFInA) revealed that only 59.1 per cent of women compared with 67.5 per cent of men were financially included representing a gender gap of 8.4 per cent.