MoMo Agent cardless cash withdrawal service expands to Over 20 Banks and 20 Other Financial Institutions

Mobile money service provider, Y’ello Digital Financial Services has announced the expansion of its MoMo Agent cardless cash withdrawal service to over 20 banks and 20 other financial institutions nationwide, providing 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.

Read more: OPay and WorldRemit partner to offer international mobile money transfer service

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.” 

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.

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. Customers on the MTN network can dial *223# to locate the nearest MoMo Agent.

Read more: Financial inclusion in Nigeria: review and challenges – M-pesa story

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