Nigerian Fintech Solution Introduces Bill Payment For The Unbanked
A recent report by EFInA shows up to 38 million Nigerian adults, translating to about 36% of the total adult population in the country, were financially excluded.
Against this backdrop, MoMo Bill Payment aims to promote faster progress toward bill payment and financial inclusion, particularly for excluded groups such as women in rural and Northern Nigerians.
Earlier in 2022, MoMo Payment Service Bank (Momo PSB) began commercial operations in Nigeria.
The announcement was made after the company received approval from the Central Bank of Nigeria to begin operations in the country.
MoMo PSB carries out a variety of CBN-approved financial services, including operating electronic purses, account management, airtime and data purchases and money transfer for both individuals and businesses.
“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. 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,’’ says Chief Executive Officer, Usoro Usoro.
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.
Usoro added, “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 recognize the importance of bill payment and this is why we are ensuring all Nigerians have access to it’’.
MoMo PSB has made strides to make life simpler and easier for its customers through MoMo Bill Payment.
It uses a USSD code to provide a quick, secure, and affordable way to make sure that all of your bills are paid from the convenience of your homes or offices.
Its goal is to improve financial inclusion in Nigeria, by providing access to bill payments services, financial information and decisions.