MoMo Agent, (Mobile Money) hit Mile One Market in Port Harcourt, Rivers State, Friday morning in the bid to penetrate the south-south mobile money market. Momo Agent (Yellow Financial Services) is said to be a subsidiary of the MTN group.
The launch team headed by Usoro Usoro (Director, Yellow Financial Services Division), was supported by Innocent Entonu (GM, MTN, regional), and Tajudeen Omokide (Snr Manager, Yellow Financial Services Division), Shehu Abubakar (Sales Development Manager), and Nnamdi Ogbogbo (Strategic Financial Partner, Rivers West).
The Mile One Market square was turned yellow as agents milled around in excitement while loudspeakers blared songs and messages across the Diobu Market, touted as the largest market in south-south.
Omokide, who opened talks to the market audience, described the Mile One Market as a target, saying MTN recognized it as a strategic centre for massive transactions. He said the attraction in MoMo Agent is its ability to transact across the country without bank accounts.
“To collect money sent to you, just look for an MTN agent, show him/her your token (code), and collect your money. You do not need to have an account”. He said the major essence is to allow money transactions or banking where there is no bank. He said most people will benefit, either as customers or as agents.
Rolling out the product to the south-south market, Usoro said MoMo Agent has come to link all parts and most un-banked persons in Nigeria with financial services the way the MTN network made it possible for people to call one another ‘everywhere you go’ in Nigeria. He called MoMo Agent another connection (financial connection) to everyone, not requiring banks, not needing to be high net worth, or privileges to join.
Explaining how MoMo Agent works, Usoro said; “Go to any MoMo agent, drop the money you want to send to anyone, collect a token (code) send it to the receiver anywhere in Nigeria. The receiver will present the token to an agent nearest to him and cash out”. He said agents are recruited at local council levels around the country.
He said most recharge card sellers would soon become MoMo agents, adding that some more services would come to the agents, after MoMo. He said those in the rural areas would benefit most because of the needlessness of banks any more.
A chief and justice of the pace (JP), Nnamdi Ogbogbo, who is MoMo’s Strategic Financial Partner, Rivers West, said the beauty of the product is the possibility of eliminating fraud and diversion of money given to middlemen to give relatives especially in the villages. He said many quarrels burst out between persons who gave money to give to home people without the money ever getting to intended source, fully or safely.
Ogbogbo said Port Harcourt is a good ground to sow MoMo, adding that ground work and surveys indicate that the product will be hot one in Port Harcourt.