AfDB, MTN’s Y’ello Financial Services sign $500,000 grant agreement

October 20, 2021
101 Views

Spread the love

The African Development Bank (AfDB.org) has signed a grant agreement for $500,000 with Y’ello Digital Financial Services (YDFS), a fintech subsidiary of MTN Nigeria, to be used for a study into economic, religious, and social factors hampering access to finance for women in northern Nigeria.

The research, which includes a feasibility study, women-focused design and testing, will focus on both agents and customers to provide insights into women’s use of mobile money services, will be funded through the Africa Digital Financial Inclusion Facility (ADFI).

Despite being the continent’s largest economy, 55% of rural Nigerians still lack access to financial services. The rate of mobile money adoption currently stands at 4%, with an agent ratio of 228.8 agents per 1,000 adults.

Political instability and conservative cultural norms in parts of Northern Nigeria are thought to present barriers to women’s access to finance. Additionally, 80% of agents in the region are men.

READ ALSOAfDB prohibits Sargittarius Nigeria Ltd., affiliates for 18 months 

“The African Development Bank, through the Africa Digital Financial Inclusion Facility (ADFI), is delighted to support this project, furthering our work to improve the quality of life for people in Nigeria and contribute to the Sustainable Development Goals, particularly as relates to poverty, and gender inclusion,” said Stefan Nalletamby, African Development Bank Director of Financial Sector Development.

On behalf of YDFS, Usoro Usoro, Chief Executive Officer, said, “We are truly excited about this partnership with the African Development Bank, and the possibilities for advancing financial inclusion in Nigeria, particularly for the traditionally excluded segment of women in Northern Nigeria.”

Y’ello Digital Financial Services is a fintech subsidiary of MTN Nigeria, Africa’s largest provider of communications services, and the operator of MoMo Agent service. YDFS is a financial service provider in agency banking and super-agent operation under the CBN Super-Agent framework and agent banking guidelines to provide amongst other services, agent network to serve financial institutions and Mobile Money operators in Nigeria. To learn more about Y’ello Digital Financial Services and its various initiatives, visit www.momoagent.com.ng.

You may be interested

Okuama Killing: Edwin Clark Fumes As Armed Soldiers In 5 Trucks Raid His Home
News
1 views
News
1 views

Okuama Killing: Edwin Clark Fumes As Armed Soldiers In 5 Trucks Raid His Home

Webby - March 26, 2024

Elder statesman and National Leader of the Pan-Niger Delta Forum, Chief Edwin Clark, has strongly criticized a military operation at…

Marketers Slash Fuel Prices At Enugu Filling Stations
News
3 views
News
3 views

Marketers Slash Fuel Prices At Enugu Filling Stations

Webby - March 26, 2024

Some filling stations have reduced the pump price of fuel in Enugu. LEADERSHIP correspondent who went round Enugu observed that…

Kwankwaso’s Son Lands Top Appointment
News
3 views
News
3 views

Kwankwaso’s Son Lands Top Appointment

Webby - March 26, 2024

Mustapha Kwankwaso, the son of former Kano State Governor, Senator Rabiu Musa Kwankwaso has landed a top political appointment. Kano…

Leave a Comment

Your email address will not be published.