MoMo taps bill payment to broaden offerings, promote financial inclusion

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MoMo Payment Service Bank (MoMo PSB) has announced plans to broaden its service offerings with bill payment to promote faster progress toward bill payment and financial inclusion, particularly for excluded groups such as Nigerian women in rural communities.

The fintech solution is also championing bill payments for the unbanked and underserved population outside its core payment business by offering convenient options 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, customers can use MoMo Pay for other merchants and third-party payment for business owners.

“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,”

– say Usoro Usoro, chief executive officer, MoMo PSB, said. 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.”

Usoro stated that MoMo PSB has made strides to make life simpler and easier for its customers through MoMo bill payment. According to him, the service uses a USSD code to provide a quick, secure, and affordable way to make sure that customers can pay all bills from the convenience of their homes or offices.

“Its goal is to improve financial inclusion in Nigeria, by providing access to bill payments services, financial information and decisions”.

A recent report by EFInA shows up to 38 million Nigerian adults, translating to about 36 percent of the total adult population in the country, were financially excluded. Against this backdrop, MoMo bill payment aims to bridge the financial inclusion gap.

“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,” – Usoro said.

Source: businessday.ng