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MTN expands MoMo cardless cash withdrawal service to over 40 banks, financial institutions



MTN says its mobile money operation worth $6bn

MTN expands MoMo cardless cash withdrawal service



Mobile money service provider, Y’ello Digital Financial Services, has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide.

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, according to a statement issued by MTN Nigeria on Wednesday.

The telco said customers could visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine or ATM card.

It added that the service utilised a secure gateway that protected customers against fraudulent transactions and required transaction validation using their bank PIN.

Commenting on the expansion, Chief Executive Officer, YDFS, Usoro Usoro, 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 added that with the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligned with the Central Bank of Nigeria’s financial inclusion target of 95 per cent by 2024.

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