TechPression

Tag: MOMO

  • Yusuf wins 2023 MoMo Hackathon

    Yusuf wins 2023 MoMo Hackathon

    Oluwapelumi Yusuf won the first MTN MoMo Hackathon in Nigeria. Yusuf won the $5,000 grand prize for coming up with Rova Pay, which uses MoMo APIs and has features beyond financial transactions.

    With Rova Pay, customers can easily make purchases anytime, anywhere, using automated USSD, which eliminates the need for internet access and typing in codes by hand.

    Read also: MoMo PBS Limited Begins Operations in Nigeria

    How MoMo Got It Started

    Tech developers, entrepreneurs, and innovators from a wide range of fields gathered at Four Points by Sheraton, Oniru Chieftaincy Estate, Victoria Island, Lagos, on Friday, October 27, 2023, to work on finding ways to speed up financial inclusion and the digitisation of payments in Africa.

    The MoMo Hackathon is necessary for the Nigerian fintech industry, according to Chief Commercial Officer of MoMo PSB, Elsa Muzzolini. “At MoMo, we believe that innovation thrives not just within our brand but within the collective of stakeholders. We are providing developers with the tools and resources to reach those who are excluded from financial services or believe financial services are not personalised to their requirements. We work together to promote financial inclusion. Making MoMo available to Nigerian innovators, we help them create life-changing apps.

    Yusuf wins 2023 MoMo Hackathon

    After winning the MoMo Hackathon 2023, Oluwapelumi Yusuf said, “I am thrilled and honoured. Visiting remote Nigerian villages and seeing the constraints of internet connectivity for fundamental apps, especially payment, inspired me to create this solution. I realised I needed to help financial inclusion and bridge this gap.” 

    The MoMo Hackathon had more than just Oluwapelumi Yusuf, who stood out. Favour Ajie Divine and Marvis Igbokwe worked together to make MoMo Cash, which won second place and a cash prize of USD 3,000. Isaac Odinaka Franklin’s answer, Clique Plus Pay, won third place and a cash prize of USD 2,000.

    The top 12 competitors also got gifts and were invited to represent Nigeria in the MoMo Hackathon at the Pan African grand finals.

    Nigeria, Ghana, Uganda, Ivory Coast, Cameroon, Rwanda, Eswatini, Congo Brazzaville, Guinea Conakry, Zambia, Benin, South Africa, and South Sudan were just some of the 14 African countries that sent developers to the hackathon. They had the chance to help shape the future of digital finance and give millions of people access to complete, life-changing financial services.

    The MoMo Hackathon is still a big part of how financial technology is improved, giving smart people chances to make a real difference in the field.

  • MoMo PBS Limited Begins Operations in Nigeria

    MoMo PBS Limited Begins Operations in Nigeria

    MTN Nigeria fintech subsidiary, MoMo Payment Service Bank (MoMo PSB), formally launched operations on Thursday, according to the MTN Group.

    This follows the company’s successful pilot test, which began on May 16, 2022, to commemorate the start of GSM operations on May 16, 2001, and its listing on the Nigerian Exchange Limited on May 16, 2019.

    MoMo PBS presently has a 166,000-strong agent network and a digitized partnership infrastructure. MoMo PSB is to expand its agent network in order to reach Nigerians and eliminate friction from routine payments by digitizing cash payments, according to the firm.

     

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    Furthermore, the business claims that in the future, MoMo wallets would allow Nigerians in the Diaspora to send money to any phone number in the country, which is a critical feature considering Nigeria position as the top remittance destination in Sub-Saharan Africa.

    Customers can use MoMo to send money to any phone number in Nigeria and pay their bills by dialing *671# from any network.

    “We appreciate the Central Bank of Nigeria’s help and guidance throughout the process,” MTN Nigeria CEO Karl Toriola stated.

    “This is a significant step forward in our objective to assist the government in achieving financial inclusion in Nigeria.” “Not just for those in cities and marketplaces, but also for those in rural and isolated corners of the country who are still unable to access financial services,” he stated.

    MoMo PSB CEO Usoro, Usoro stated that offering easy-to-use, accessible, and inexpensive financial services to all Nigerians is critical to the CBN financial inclusion strategy and the Minister of Communications and Digital Economy digital inclusion program.

    “We are thrilled about the opportunity to collaborate with key institutions across diverse sectors to co-create and expand access across the country,” Usoro added.

     

    What Does It Take To Become A MOMO Agent

    Momo is a terrific option for company owners to make extra money because it is solely dependent on commission. MTN is allowed to deduct low payment fees ranging from 0.5 percent to 5% of the total amount sent. As a result, the Momo Agent makes a profit. Many people wish to work as Momo agents but are unsure how to get started. Continue reading:

    Step 1: Double-check that you satisfy the requirements.

    Before becoming a Momo agent, you must meet certain prerequisites. They are

    • A potential agent must either have an established business or be willing to invest in one.
    • A potential agent must have a physical location or an immovable retail store, such as a pharmacy or a kiosk.
    • A national ID, driver’s license, international passport, or voter’s card are all acceptable forms of identification.
    • A passport picture.

     

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    He or she must be able to provide a minimum of N20,000 in startup cash.

    Step 2: Pick up an application form at your local MTN store and submit your information.

    Step 3: On the Momo agency website, you can also download the application form.

    Step 4: Wait for the company’s field team to contact you for a scheduled visit to assess your suitability.

  • MTN Nigeria Receives Go Ahead From CBN To Run MOMO A PSB

    MTN Nigeria Receives Go Ahead From CBN To Run MOMO A PSB

    MOMO Comes into town for MTN. Five months after it received an AIP(Approval In Principle) from CBN, MTN Nigeria, the Nigerian division of the MTN Group, a South African multinational mobile telecommunications company, has received final approval from the Central Bank of Nigeria (CBN) to operate its payments service bank (PSB).

    MTN Nigeria announced receiving the approval letter dated 8 April 2022 from CBN(Central Bank of Nigeria), conveying final approval to commence PSB operations.
    In 2018, the Central Bank gave the first indication that it would allow non-financial companies to apply for mobile banking licenses, either as Payment Service Banks (PSBs) or Mobile Money Operators (MMOs).

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    Nigeria’s four major mobile networks have payment service bank (PSB) subsidiaries. 9mobile has 9PSB Limited; Airtel Africa has Smartcash PSB Limited; Globacom Limited has MoneyMaster PSB Limited, and MTN Nigeria has MOMO PSB Limited.

    Financial inclusion

    The principal aim of PSB in Nigeria is financial inclusion.
    According to NFIS(National Financial Inclusion Strategy), financial inclusion is achieved when adult Nigerians have easy access to a broad range of formal financial services that meet their needs at affordable costs.

    CBN’s Expectations From Payment Service Bank’s ( PSB )

    PSBs are expected to have lower servicing costs. This is because the profitability of PSBs is expected to be highly sensitive to transaction volumes and gaining a critical mass of customers.

    PSBs are expected to roll out sustainable access points. As a result, MOMO is expected to have no less than 25% financial service touch points (locally called kiosks) in rural areas.
    One of the critical financial inclusion objectives is to increase the number of financial access points.

     

    Read Also: Orange Egypt Adds VISA To its Mobile Money Services

     

    This is very important to facilitate Cash-in and Cash-out (CICO) for customers, especially at rural and semi-rural areas of Nigeria. Therefore, achieving a reasonable customer-to-access point ratio is a critical determinant of customer enrolment and transaction acquisition.

     

    What MOMO Can And Can Not Do Based on Terms of Their Operational License 

    Can Accept Deposit
    As a payment service bank, MOMO is permitted to accept deposits from individuals and small businesses and effect payments and remittances (including inbound cross-border personal remittances) through various channels within Nigeria.

    Can Deploy POS and ATM Machines
    MOMO is authorized to deploy Point of Sale devices and Automated Teller Machines and they can reach their customers through electronic platforms.

    Can Sell Foreign Currencies
    They also have clearance to sell foreign currencies realized from inbound cross remittances to authorized foreign exchange dealers in Nigeria.

    Can’t Grant Loans or Accept Foreign Currency Deposits
    They are barred from granting any form of loans, advances, and guarantees (directly or indirectly), or accepting foreign currency deposits.

    Not Permitted To Deal In The Foreign Exchange Market
    Mono operational licenses do not permit them to deal in the foreign exchange market.

     

    What They Are Saying About MONO Intentions

    “We want to leverage the financial inclusion drive. We plan to give people who don’t have bank accounts or even ATM cards the opportunity to be able to do banking services,” a top official of MTN Group whose identity is withheld as requested by him, told Premium Times. “And we are leveraging on our size. When we have subscribers of over 70 million spread across Nigeria with our infrastructural spread, we are well-positioned to cover everywhere. That’s exactly what we want to achieve.” He added.

     

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    MTN Nigeria gave no date for MOMO launch stating that “The date of commencement will be communicated with the CBN in accordance with its requirements.”
    Source