Financial inclusion in Nigeria gets a big boost with MTN and Remita partnership

Yello Digital Financial Services, the fintech subsidiary of MTN Nigeria, has gone into a partnership with Remita to extend payment and other financial services to individuals, groups, and businesses across the country.

MTN, which made this public in a statement in Lagos, said this move would drive financial inclusion of the unbanked and underbanked in Africa’s most populous nation.

“With this collaboration, customers will now be able to approach any of the over 150,000 MoMo agents in Nigeria at locations closer to them to initiate and seamlessly conduct transactions such as payment of school fees, water and electricity bills, tax remittances, Internet subscription renewals, money transfer, payments to state and Federal Government MDAs,” the leading telco said.

The company added that MoMo agents would now be able to top up their wallets instantly through any of Remita’s multiple payment options and through branches of all commercial banks and microfinance banks.

“We are delighted about YDFS’ partnership with Remita, as it offers yet another opportunity to extend access to financial services to a much broader section of Nigerians, directly strengthening the financial inclusion aspirations of the Central Bank of Nigeria, which we are committed to and in tandem with our brand promise,” said the Chief Executive Officer, Y’ello Digital Financial Services, Usoro Usoro.

“Our customers can access our services across Nigeria, as we continue working closely with the support of our principal partner bank, Access Bank, to close the financial gap among the under-served,” he added.

The Divisional Head of Remita Business Development, Abayomi Oniku, said, “It is always gratifying to add value to humanity, irrespective of who it is or their location. This is one of the reasons we are excited about our partnership with Yello Digital Financial Service.

“Not only will this partnership provide more veritable means for people in various communities across Nigeria to access already existing financial services, it will also catalyse various initiatives at the community level, with benefits spanning the entire value chain and further improving the quality of lives.”