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List of 40 financial institutions for MoMo Agent cardless cash withdrawal

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Cardless cash withdrawal

Mobile money service provider, Y’ello Digital Financial Services (YDFS) has expanded its MoMo Agent cardless cash withdrawal service to over 40 banks and other financial institutions nationwide.

With this move, the platform provides seamless financial solutions to more people.

Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks.

Using the service, customers can visit MoMo Agents nationwide to access funds in their bank accounts without requiring an Automated Teller Machine (ATM) or ATM card.

The service utilises a secure gateway that protects customers against fraudulent transactions and requires transaction validation using their bank PIN.

Commenting on the expansion, Chief Executive Officer, Y’ello Digital Financial Services, YDFS, Usoro Usoro said, “We all must play our part in the Federal Government’s financial inclusion drive, which we know is essential for every Nigerian. With this, more MoMo users can walk up to the nearest MoMo Agent to withdraw cash from their bank account without visiting a bank or an ATM.” 

Launched in 2019, MoMo Agent expanded its financial services in 2020 for underbanked and unbanked communities to include bill payment, cash deposit and withdrawal, data and airtime purchase and bulk disbursement services. With an agent base of over 150,000 spread across over 700 local governments, customers on the MTN network can dial *223# to locate the nearest MoMo Agent.

Why it matters

With the cardless cash withdrawal service, MoMo Agents’ sustained innovation aligns with the Central Bank of Nigeria’s (CBN) financial inclusion target of 95% by 2024.

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This target was reviewed in 2019 as part of a five-year strategy to sustain inclusive economic growth.

To achieve this, Nigeria must attain an inclusive financial sector that has closed the gender gap. As at 2018, Enhancing Financial Innovation and Access (EFInA) revealed that only 59.1% of women compared with 67.5% of men were financially included representing a gender gap of 8.4%.

The nature of mobile money makes it easier for women in rural areas to access financial services, which in turn stimulates economic growth.

The cardless cash withdrawal is a good initiative to deepen this inclusion. With the service, residents in rural areas can perform financial transactions without worrying about or using an ATM card.

It is another major collaborative step between the mobile money service provider, YDFS and commercial banks in Nigeria.

List of Financial Institutions

  1. First Bank of Nigeria
  2. Zenith Bank
  3. GTBank Plc
  4. Access Bank
  5. Access (Diamond) Bank
  6. Ecobank PLC
  7. Standard Chattered Bank
  8. Fidelity Bank
  9. United Bank for Africa (UBA)
  10. Unity Bank
  11. Union Bank
  12. Sterling Bank
  13. First City Monument Bank (FCMB)
  14. Skye Bank
  15. Wema Bank
  16. Enterprise Bank
  17. Keystone Bank
  18. Jaiz Bank
  19. Stanbic IBTC Bank
  20. Suntrust Bank
  21. Heritage Bank
  22. Citi Bank
  23. Coronation Merchant Bank
  24. Pagatech
  25. Paycom
  26. Access Money
  27. Etranzact
  28. Eco Mobile
  29. Fidelity Mobile
  30. GT Mobile
  31. Zenith Mobile
  32. Money Box
  33. Safetrust Mortgage Bank
  34. Covenant Microfinance Bank
  35. NPF Microfinance Bank
  36. Fortis Microfinance
  37. ReadyCash
  38. Omoluabi Mortgage Bank
  39. Sterling Mobile
  40. Page MFB
  41. Stanbic Mobile Money
  42. Fortis Mobile
  43. TagPay
  44. FBN Mobile

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  1. Pingback: List of 40 financial institutions for MoMo Agent cardless cash withdrawal - 9jaheadies

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