FinanceMore Africa NewsNigeria: MTN officially launches its payment service this August 29, 2019

August 30, 2019by myles

The mobile operator MTN Nigeria will proceed, this August 29, 2019 at 18h, the official launch of its mobile payment service. The ceremony to be held at the Hilton Abuja will mark the entrance of the largest subsidiary of the South African telecom group in the booming segment of mobile financial services.

With this new service, in a weakly banked market, with 98 million unique subscribers for a mobile penetration rate of nearly 50%, MTN Nigeria, which still holds the position of leading operator, should see its finances grow further.

The telecom company, which obtained its financial services license last July from the Central Bank, has accelerated the implementation of Mobile Money in view of Nigeria’s lag in this mobile market segment, compared to other countries in the world. subregion West Africa.

In a status quo telecom market, MTN Nigeria, which is aware of the impact this new service can have on attracting new consumers, wanted to hit first. It is his Yello Digital Financial Services Limited (YDFS) unit that controls the Mobile Money service.

When obtaining the mobile financial services license, MTN Nigeria’s chief executive officer, Ferdi Moolman, explained that “thanks to the network put in place by YDFS, MTN would be able to expand the availability of financial services for underserved people across the country. “

He stressed that this would be “a very important first step to exploit MTN’s infrastructure to evolve its financial technology initiatives.”

Source: Agence Ecofin

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