Chief Executive Officer of MoMo Payment Service Bank (PSB), Eli Hini, has reaffirmed the firm’s dedication to enhancing financial inclusion in Nigeria.
Hini highlighted that MoMo PSB provides a platform that exposes SMEs to a broader customer base and connects them with essential services such as seamless online payments, international remittances, and the ability to accept payments from any source.
“These solutions eliminate the need for cash transactions, saving time, reducing risk, and providing clear records for better financial management.
By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth,” Hini explained.
MoMo PSB recently celebrated its second-year anniversary with a month-long celebration, culminating in the MoMo Stakeholders’ Conference at the Eko Hotel Convention Centre in Victoria Island. The conference gathered industry leaders, policymakers, and stakeholders to discuss financial inclusion and solutions for SMEs in Nigeria. The formal licensing of MoMo PSB in April 2022 reflects the Central Bank of Nigeria’s (CBN) commitment to advancing financial inclusion across the country.
Mobile money has emerged as a significant driver of economic growth and financial inclusion in Sub-Saharan Africa, particularly in countries like Nigeria, Ghana, and Senegal. According to the Groupe Speciale Mobile Association (GSMA), the region hosts nearly three-quarters of the world’s mobile money accounts, with Nigeria and Ghana playing pivotal roles in this growth. Since 2013, the mobile money industry has seen exponential growth, with registered accounts in West Africa doubling during this period. This growth has not only facilitated financial transactions but has also contributed significantly to the GDP of countries with mobile money services.
For instance, between 2013 and 2022, mobile money contributed over $150 billion to Sub-Saharan Africa’s GDP, marking a 3.7 percent increase.
Concurrent with the rise in mobile money adoption, there has been a corresponding increase in mobile agents, particularly in Sub-Saharan Africa. In 2023 alone, registered agents grew to 18.6 million, with active agents reaching 8.3 million. These agents have played a crucial role in digitizing financial transactions, accounting for more than two-thirds of all money entering the mobile money ecosystem. This surge in mobile money penetration has significantly improved financial inclusion and access to digitally enabled services across the region.
MoMo PSB, a key player in Nigeria’s digital financial services sector, is leveraging its extensive network of agents and merchants to advance financial inclusion and promote digital transactions. With over 3.1 million agents and 1.8 million merchants, MoMo PSB aims to provide accessible and affordable financial services to millions of unbanked and underserved individuals across Nigeria. This network not only facilitates seamless transactions but also serves as educational hubs, educating users about the benefits of digital financial services. By expanding its agent and merchant base, MoMo PSB aims to deepen financial penetration, drive economic empowerment, and contribute to the overall growth and stability of Nigeria’s economy.
The MoMo PSB Stakeholders’ Conference featured panel discussions, presentations, and insights from policy regulators, industry players, and SME experts on key issues within the digital economy sector. The event addressed regulatory frameworks, technological innovations, and strategies for enhancing financial inclusion, with a focus on empowering small and medium-sized enterprises (SMEs).
The conference also saw the unveiling of new SME Digital Solutions: Merchant App, MID, Open API, and Remittance. These tools are designed to empower SMEs by simplifying transactions (in-store, online, and mobile), streamlining financial management through API integration, and unlocking international opportunities with remittance services.
The MoMo PSB Stakeholders’ Conference served as a crucial platform for advancing discussions on regulatory frameworks, technological innovations, and collaborative strategies essential for promoting financial inclusion and economic empowerment in Nigeria.
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