In Nigeria, the creative application of technology to the provision of financial services is having a positive effect on both business operations and individual experiences. Fintech solutions are promoting financial inclusion by providing more affordable, easy, and convenient ways to make bill payment and engage in financial services and decisions.
Nigeria has one of the most vibrant fintech ecosystems in Africa. However, a 2020 report by EFInA revealed that up to 38 million Nigerian adults, translating to about 36% of the total adult population in the country, were financially excluded. Regardless of the number of commercial banks and microfinance banks available, a good percentage of the Nigerian adult population remains under-banked – a bulk of this unbanked population comprising rural dwellers, farmers and petty traders.
Awolowo David, a trader in Ikorodu, Lagos, fits perfectly into this description. But since he started using MoMo Bill Payment, his bill payments have been simplified. “I like convenience. Because for me, it’s about doing something at my own pace and when it’s comfortable. No one wants to run around just because they want to pay for utilities like electricity bills. With MoMo, I can accomplish this right now on my phone. MoMo Bill Payment is one financial solution that makes things convenient.
‘’Since my neighbour first introduced me to MoMo Bill Payment, it has become my go-to resource for all things related to bills. I must say I was a little hesitant due to the nature of technology in general, but now that I’ve used MoMo, I have no regrets. I primarily utilise MoMo bill payment to renew my GOTV, pay my electricity bills, and other bill payment services that are available on the platform,” he added.
MoMo Bill Payment is one of the convenient services offered by MoMo PSB, a mobile banking platform that offers financial solutions to merchants, fintech companies, banks, financial institutions, digital service providers and other organisations. It offers an easy, safe and inexpensive way to purchase prepaid electricity units, renew cable TV, betting, and loan collection bills to specific vendors. Additionally, you can use MoMo Pay to pay merchants and business owners.
The goal of MoMo Bill Payment is to improve financial inclusion by providing an easy way for people to move money, access financial information and make bill payments. It also supports the CBN’s efforts to promote financial inclusion by ensuring penetration among the underserved and unbanked in northern Nigeria and across the country.