A subsidiary of MTN Nigeria began offering mobile money transfers through its agent network, weeks after receiving clearance from regulators to launch the service.
In a press conference held on Tuesday the operator’s subsidiary Yello Digital Financial Services, which runs the service under licence from Central Bank of Nigeria, announced the ‘Super Agent Network’ was available for users.
MTN Nigeria’s general manager of financial services Usoro Usoro said the use of the agent network aimed to “solve financial exclusion across Nigeria”.
So far more than 100,000 MTN retailers have applied to be part of the scheme, which allows them to provide cash transfer services through mobile money wallets.
In a series of tweets, the company added agents taking part had been vetted and an “adequate provision of education to customers will be done” in order to eliminate fraud on the platform.
The move significantly increases the company’s ability to provide standalone financial services in the country, though it is still awaiting permission to launch its Payment Service Bank.
Last month, MTN Nigeria CEO Ferdi Moolman said its Super Agent Licence “forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals,” adding: “This marks a very important first step in leveraging our infrastructure to scale our fintech initiatives.”