• Thursday, March 28, 2024
businessday logo

BusinessDay

MoMo unveils faster bill payment to boost financial inclusion

How MTN MoMo dominates mobile banking outside Nigeria

MoMo PSB, the payment subsidiary of MTN, has introduced bill payment with the goal of making the service faster and attracting more Nigerians that are financially excluded.

The number of people that are financially excluded in Nigeria currently stands at 38 million adults, representing about 36 percent of the total adult population in the country.

MTN believes that removing some of the bottlenecks in bills payment can address financial inclusion, particularly for excluded groups such as women in rural and Northern Nigerians.

“For CBN to successfully implement its financial inclusion policy and the digital inclusion objective of the Minister of Communications and Digital Economy, all Nigerians must have access to simple-to-use, affordable financial services. We are eager to contribute and are enthusiastic about the possibilities to collaborate with important institutions across many industries to co-create and increase access across the country,’’ saidUsoro Usoro, Chief Executive officer.

Earlier in 2022, MoMo Payment Service Bank (Momo PSB) began commercial operations in Nigeria. The announcement was made after the company received approval from the Central Bank of Nigeria to begin operations in the country. MoMo PSB carries out a variety of CBN-approved financial services, including operating electronic purses, account management, airtime and data purchases and money transfer for both individuals and businesses.

Outside Momo PSB core payment business, the fintech solution is also championing bill payments for the unbanked and underserved population. It offers a convenient option for businesses and consumers to pay bills online. Currently, MoMo Bill Payment allows users to pay electricity, cable TV, betting, and loan collection bills to specific vendors. Additionally, you can use MoMo Pay to pay merchants and business owners.

“Many Nigerians lack access to financial services, including bank accounts, although they do have phones. Only 40 million of the 80 million individuals in our country have accounts. It follows that anybody in this nation with a phone would by default be able to obtain a bank account. But that hasn’t been the case. We understand and recognize the importance of bill payment and this is why we are ensuring all Nigerians have access to it,” Usoro said.

Read also: NDIC develops platform to eliminate delays in paying failed banks’ depositors

MoMo PSB said it is committed to make life simpler and easier for its customers through MoMo Bill Payment. The service uses a USSD code to provide a quick, secure, and affordable way to make sure that all of your bills are paid from the convenience of your homes or offices. Its goal is to improve financial inclusion in Nigeria, by providing access to bill payments services, financial information and decisions.