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Business News

MTN Nigeria launches MoMo as part of a bigger financial services ambition

MTN Nigeria Plc has launched its much anticipated mobile money transfer service which is called MoMo Agent Network.

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MTN Nigeria launches MoMo as part of a bigger financial services ambition
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The NSE’s most-capitalised company and Nigeria’s leading telecoms services provider, MTN Nigeria Plc, yesterday launched its much anticipated mobile money transfer service which is called MoMo Agent Network. This is part of the company’s ambition to replicate in Nigeria, the success of Safaricom‘s M-Pesa in Kenya.

Speaking during the launch which happened in Abuja, the company’s Chief Executive Officer, Ferdi Moolman, claimed that that the newly-launched service would facilitate easier money transfer among Nigerians.

[READ: MTN secures CBN’s nod to offer financial services to Nigerians]

The product launch is coming barely two months after the Central Bank of Nigeria (CBN) granted the telco a super agent license to provide banking services.

Achieving Financial Inclusion: Note that MTN’s MoMo Agent Network will specifically target the unbanked population in Nigeria, specifically those in remote areas without easy access to traditional financial services. It is also expected to immensely facilitate the CBN’s bid to actualise financial inclusion in the country.

Note that MTN Nigeria is hoping to become a full-fledged financial services bank once it obtains the necessary approvals from Nigeria’s apex bank.

[READ: Fintechs to Drive CBN’s Financial Inclusion Target]

Heightening the Competition: Meanwhile, MTN Nigeria’s MoMo is set to heighten the prevalent competition in the Nigerian financial services space where Fintechs such as Paga are already playing.  Meantime, the company’s main competitors remain the commercial banks who have dominated the space for years.

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MoMo has some advantages that could enable it to compete effectively. The fact that millions of Nigerians already have MTN lines means that the company can easily leverage that to offer its services. Recall that this is the same thing Kenya’s biggest telco (Safaricom) has successfully done with its M-Pesa mobile money transfer service.

Good times for MTN? The possible success of this newly-launched service means that MTN Nigeria Plc is poised for more profitability in a market where it has witnessed consistent success over the years. The company’s recently-released H1 2019 financial results showed that profit after tax increased by 34.8% to N98.9 billion.

[READ: MTN releases H1 2019 financial statements]

Yesterday, the company’s stock ended trading at N138.85 on the Nigerian Stock Exchange, after opening at N140.95.

Stanbic 728 x 90

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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