Nigeria: Remita Partners with MTN’s YDFS to deepen financial inclusion

Remita, a leading Africa-focused fintech brand, has partnered with Yello Digital Financial Services (YDFS), the Fintech subsidiary of MTN Nigeria and the operator of MoMo Agent Service, to extend payment and other financial services to individuals, groups and businesses at the grassroots across Nigeria.

This will further drive the financial inclusion of the unbanked and underbanked population.

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.

In addition, MoMo agents will be able to top up their wallets on-the-go through any of Remita’s multiple payment options including USSD, internet banking, debit/credit card, Mobile Wallet as well as through branches of all commercial banks and about 400 microfinance banks.

Commenting on the partnership, Usoro Usoro, chief executive officer, Y’ello Digital Financial Services said: “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.

“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.”

Also speaking, Abayomi Oniku, divisional head of Remita Business Development, 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.”

YDFS is a financial service provider in agency banking and super-agent operations under the CBN Super-Agent framework and agent banking guidelines.

Working together with Access Bank, it provides, among others, an agent network to serve financial institutions in Nigeria.

Launched in 2005, Remita helps individuals, businesses and governments to make and receive payment,  manage their finances across multiple banks seamlessly, and provide infrastructure and services to banking and the fintech ecosystems.