MoMo Payment Service Bank has launched Bill Payment in promoting faster progress toward payment and financial inclusion, particularly for excluded groups such as women in rural and Northern Nigerians.
A recent report by EFInA shows up to 38 million Nigerian adults, translating to about 36 per cent of the total adult population in the country, were financially excluded.
Chief executive officer of MoMo Payment Service Bank, Usoro Usoro, said for CBN to successfully implement its financial inclusion policy and the digital inclusion objective of the minister of communications and digital economy, all Nigerians must have access to simple-to-use, affordable financial services.
Usoro said, “We are eager to contribute and are enthusiastic about the possibilities to collaborate with important institutions across many industries to co-create and increase access across the country.”
He added that, “outside Momo PSB core payment business, the fintech solution is also championing bill payments for the unbanked and underserved population. It offers a convenient option for businesses and consumers to pay bills online. Currently, MoMo Bill Payment allows users to pay electricity, cable TV, betting, and loan collection bills to specific vendors. Additionally, you can use MoMo Pay to pay merchants and business owners.”
He noted that, “many Nigerians lack access to financial services, including bank accounts, although they do have phones. Only 40 million of the 80 million individuals in our country have accounts. It follows that anybody in this nation with a phone would by default be able to obtain a bank account. But that hasn’t been the case. We understand and recognise the importance of bill payment and this is why we are ensuring all Nigerians have access to it.”
Earlier in 2022, MoMo Payment Service Bank began commercial operations in Nigeria.
