MTN Signs $500,000 To Ease Women Access To Finance

MTN Signs $500,000 To Ease Women Access To Finance

The Y’ello Digital Financial Services (YDFS), operator of MoMo Agent service and a fintech subsidiary of MTN Nigeria has signed a grant agreement for $500,000 with the African Development Bank (AfDB). Jamb Result

VOICE OF NIGERIA reports that the grant agreement of $500,000 will be used to conduct a research on the economic, religious, and social factors hindering access to finance for women in northern Nigeria.

The study which will be funded through the Africa Digital Financial Inclusion Facility (ADFI) will include 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.

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As reported by VOICE OF NIGERIA, The Africa Digital Financial Inclusion Facility (ADFI) is a pan-African initiative organized to catalyze digital financial inclusion in Africa with the aim of ensuring that 332 million more Africans, 60% of which are women, gain access to the formal economy.

According to VOICE OF NIGERIA, despite being the continent’s largest economy, 55% of rural Nigerians still lack access to financial service. The rate of mobile money adoption currently stands at 4%, with an agent ratio of 28.8 agents per 1,000 adults. Information Guide Nigeria

African Development Bank Director of Financial Sector Development, Stefan Nalletamby said, “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”.

The Chief Executive Officer of Y’ello Digital Financial Services (YDFS), Usoro Usoro added, “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.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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