Excitement as MoMo PSB lands in Abuja

From Uche Usim, Abuja

Abuja residents were pleasantly excited as the MoMo Payment Service Bank (PSB) train stopped in Abuja to excite traders.

Speaking at the activation which took place at Crush Rock Football field in the Mpape area of Abuja, the Chief Executive Officer of MoMo PSB, Mr Usoro Usoro, explained that for customers to enjoy the product offering, they are expected to open a MoMo wallet on their mobile phones by simply dialling *671# on any network. With that, they are immediately able to send money to any mobile phone in the country, buy airtime/data and pay bills.

In addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment associated with cash, MoMo wallets in the future will also enable account holders to receive inbound remittance from any country in the world; an important feature, given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.

Usoro said: “As long as you have a mobile phone, you can easily open a wallet, and with that wallet, you can send money to any phone number in this country; regardless of the network.”

“A lot of Nigerians don’t have access to a bank account, they don’t have access to financial services, but they have phones. We have 80 million people with mobile phones and only 40 million with accounts. It means automatically that anybody that has a phone in this country would be able to have a bank account. And that brings people into the financial services sector. The product is very beneficial both to the countryman and the country”.

While urging Nigerians to get onboard the platform, Usoro emphasized that previous difficulties hitherto encountered in sending money to people because they do not have accounts but have phones have been surmounted with MoMo.

Consumers who thronged the launch venue expressed joy with the new product.

Ahmed Audu, a grocer at Mpape described the MoMo wallet as revolutionary. He said, “I can now send money to my mother and siblings in Zamfara who do not have bank accounts.

“Besides, there are only a few banks in Zamfara. They’re mostly in the state capital, Gusau. But with this, I don’t have to stress myself or worry about sending them money. It’s now easier,” he said.

Another user, John Ibe, hailed the new product, describing it as a welcome development.

“Because of the rise in crime, carrying cash is a big risk. But this makes life a lot easier”, he stated.