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Residents of Iraboko community have taken a major step toward financial empowerment following a financial literacy initiative led by MoMo Payment Service Bank (MoMo PSB). The programme coincided with the official handover of a new Y’ello Box digital centre, designed to drive digital access and economic participation at the grassroots level.
The event attracted hundreds of participants, with a strong focus on equipping women and underserved groups with essential digital financial skills. The initiative aligns with broader national efforts to improve financial compliance, expand access to digital services, and strengthen compliance management systems within Nigeria’s evolving financial ecosystem.
The Y’ello Box centre is positioned not just as an internet hub, but as a community-based economic catalyst—supporting entrepreneurship, digital inclusion, and compliance technology adoption at the local level.
Recent data from the Central Bank of Nigeria indicates that Nigeria still faces a significant gap in achieving its National Financial Inclusion Strategy (NFIS) target of 95 percent inclusion. As of the first half of 2025, financial inclusion stands at approximately 74 percent, leaving over 20 percent of the population underserved—an opportunity MoMo PSB is actively addressing through targeted interventions.
Speaking during the event, Acting Chief Commercial Officer of MoMo PSB, Victor Onyebuchi, highlighted the organisation’s commitment to fostering inclusive economic growth. He explained that the initiative is designed to ensure that value generated within the community is retained locally, thereby supporting sustainable development and improving risk mitigation across informal financial systems.
“Our approach is centred on financial inclusion—ensuring that economic value created within this ecosystem stays within the community to drive long-term growth,” Onyebuchi noted.
The training session, led by MoMo’s team under the supervision of Chief Compliance Officer Deborah Odo-Effimi, provided participants with hands-on guidance on secure digital transactions, SIM registration processes, and small business management. These efforts contribute to strengthening Know Your Customer (KYC) processes, improving data privacy awareness, and promoting fraud detection practices among new users of digital financial services.
To encourage adoption, the programme featured interactive activities and incentives, including giveaways such as solar-powered fans, umbrellas, and branded merchandise. These practical rewards were tied to financial literacy challenges, including a dedicated MoMo account activation exercise for participants aged 50 and above.
The initiative culminated in the presentation of grand prizes to two beneficiaries, Ibrahim Abdulrazaq and Sobanke Rasheedat, who each received a ₦100,000 grant alongside a Point-of-Sale (POS) device to support their entrepreneurial ventures. This aligns with broader efforts to enhance compliance workflows, promote financial crime prevention, and enable traceable, digital-first transactions within local economies.
Expressing her excitement, Rasheedat shared her plans to expand her existing business using the grant, highlighting the tangible impact of the initiative on grassroots entrepreneurship.
By combining digital infrastructure with financial education, MoMo PSB’s Y’ello Box initiative demonstrates how RegTech solutions and inclusive finance strategies can work together to bridge access gaps, strengthen regulatory frameworks, and drive sustainable economic empowerment.
For more insights on financial inclusion and digital compliance trends, explore related content on RegTech Africa’s RegTech industry and compliance technology sections.
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