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Nairaland Forum / Nairaland / General / Business / MTN To Convert Recharge Card Sellers To Financial Services Agents (26812 Views)
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MTN To Convert Recharge Card Sellers To Financial Services Agents by dipoolowoo: 1:33am On Aug 01, 2019 |
By Dipo Olowookere The management of MTN Nigeria Communications Plc has confirmed securing an approval from the Central Bank of Nigeria (CBN) to offer financial services to millions of residents of the country. A statement signed by its scribe, Uto Ukpanah, on Wednesday, July 31, 2019, said the licence was obtained by its subsidiary, Yello Digital Financial Services limited (YDFS), so as to deepen financial inclusion in Nigeria. According to the statement, the telco will engage the services of its airtime dealers spread across the country to offer the financial services to consumers, while others would be recruited as agents. “MTN Nigeria Communications Plc announces that its subsidiary, Yello Digital Financial Services Limited (YDFS) has been granted a full Super-Agent Licence by the Central Bank of Nigeria (CBN). “The Super-Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN Nigeria to convert their existing airtime agents and recruit other small businesses to distribute financial services,” the statement said. MTN Nigeria explained that YDFS received approval in principle for its Super-Agent licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence. “The successful pilot has now led to the granting of a full licence under the YDFS will distribute financial services to all Nigerians,” it said. The company noted that, “The Super-Agent licence enables us to extend access to financial services to a much broader group of Nigerians. “This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals.” Continuing, the firm, which dominates the market share in the country, stated that, “Through the network established by YDFS, MTN Nigeria is in a position to broaden the availability of financial services for the under-served across the country. This mars a very important first step in leveraging our infrastructure to scale our fintech initiatives.” “We have also applied for a Payment Service Ban licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly,” it revealed in the statement. https://businesspost.ng/2019/08/01/mtn-to-convert-recharge-card-sellers-to-financial-services-agents/ 1 Like |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Ratello: 1:47am On Aug 01, 2019 |
This is a good move in the right direction judging from the fact that MTN made the biggest cash throughout the whole continent from Nigeria. They should do more...... 4 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by dingbang(m): 5:03am On Aug 01, 2019 |
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Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by PhenomenalMorgan(m): 5:03am On Aug 01, 2019 |
What financial services are they going to provide ![]() 40 Likes 3 Shares |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by sandyd: 5:04am On Aug 01, 2019 |
Mtn always improving and expanding 3 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by NotNairalandi(m): 5:04am On Aug 01, 2019 |
Airtel on hearing the news 2 Likes
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Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by OgogoroFreak(m): 5:04am On Aug 01, 2019 |
MTN na thief! 8 Likes 1 Share |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by nybol(m): 5:05am On Aug 01, 2019 |
Ayam not understanding 9 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by laurel03(m): 5:05am On Aug 01, 2019 |
PhenomenalMorgan:mobile money stuff like paga 13 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by justphillips(m): 5:05am On Aug 01, 2019 |
.. |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by heed101(m): 5:06am On Aug 01, 2019 |
Another exploitation. They should focus in their core competency. 6 Likes 2 Shares |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by DesChyko: 5:06am On Aug 01, 2019 |
If this is a way to compensate them for the ridiculously tiny profits they make from recharge card business, it's a welcome move 20 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by namiji2598: 5:08am On Aug 01, 2019 |
What Abt recharge card buyers ![]() ![]() ![]() ![]() ![]() 7 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Agabus123: 5:08am On Aug 01, 2019 |
Good radiance. |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by eben1marketer: 5:09am On Aug 01, 2019 |
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Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by simi1(m): 5:09am On Aug 01, 2019 |
Does it mean i can convert my airtime on on mtn line to cash? 1 Like |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by ssogundele(m): 5:10am On Aug 01, 2019 |
This is a welcome development because our Nigeria banks are risks averters that doesn't like going to the rural areas. With this people in the remote hinterland will be able to receive and also send money! I knew that banks can't kill this much awaited development for they've tried in many ways to sabotage and frustrate this in the past. We god save us from wicked banking system! 14 Likes 2 Shares |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Nobody: 5:11am On Aug 01, 2019 |
As usual |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by BluePrincee: 5:19am On Aug 01, 2019 |
![]() 1 Like |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Onlinealaba(m): 5:19am On Aug 01, 2019 |
MTN won't stop growing nice business strategist, hope others telecom's are following suit ,izza competitive market CHECK MY SIGNATURE, your electronics at best prices 1 Like 1 Share |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Nobody: 5:20am On Aug 01, 2019 |
Nigerian banks are in trouble.
expect a drop in their yearly profits except the smart ones that can adapt 3 Likes 1 Share |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by cinoedhunter: 5:22am On Aug 01, 2019 |
MTN has seen what the population is yet to see ![]() ![]() ![]() 1 Like |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Madu100t(m): 5:25am On Aug 01, 2019 |
Good riddance and more job opportunities for Nigerians 2 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by abbaapple: 5:28am On Aug 01, 2019 |
![]() It’s just like a calling Marketer in the bank as Business developer! |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by sylve11: 5:35am On Aug 01, 2019 |
namiji2598: they'd be chewing the used recharge cards. Keep Nigeria clean; that kind thing! ![]() ![]() ![]() 4 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by jlinkd78(m): 5:40am On Aug 01, 2019 |
More explanations needed on d nature of services to be provided 3 Likes 1 Share |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by MorataFC: 5:52am On Aug 01, 2019 |
nybol:no be alone o 2 Likes |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by dheaven: 6:02am On Aug 01, 2019 |
But many banks have started agency banking unless they want to hijack that. 1 Like 1 Share |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Pavore9: 6:07am On Aug 01, 2019 |
Nice one, just like Kenya's Mpesa agents. With Mpesa, you can cash out PayPal, Skrill, Western Union, Moneygram, Worldremit etc without a bank or a bank account. Our banks go hear am! 11 Likes 3 Shares |
Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by orazx: 6:11am On Aug 01, 2019 |
https://pears.ourcontest.io/r5K3c0/qtM35?w=76934205&e=223561562 ...Please vote for our Baby 1 Like
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Re: MTN To Convert Recharge Card Sellers To Financial Services Agents by Nobody: 6:17am On Aug 01, 2019 |
Mobile money Agent |
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