MTN MoMo expands its cardless cash withdrawal service to over 20 banks
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, 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.
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.
Commenting on the expansion, Chief Executive Officer, Y’ello Digital Financial Services, 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.”
With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the Central Bank of Nigeria’s (CBN) financial inclusion target of 95% by 2024.
Launched in 2019, MoMo Agent expanded its financial services in 2020 for underbanked and unbanked communities to include bill payment, cash deposit and withdrawal, data and airtime purchase and bulk disbursement services. Customers on the MTN network can dial *223# to locate the nearest MoMo Agent.
About MTN Nigeria
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 76.5 million people in communities across the country with each other and the world. Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity, and innovation has remained constant, since its launch in 2001. MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 250 million subscribers in 21 countries in Africa and the Middle East.
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