MTN Group launches Africa’s first Mobile Money (MoMo) artificial intelligence service
A subsidiary of MTN Nigeria, Y’ello Digital Financial Services, last month launched its super-agent network service named ‘MoMo Agent.’ The launch held in Abuja after the firm had successfully been awarded a Super-Agent License by the Central Bank of Nigeria (CBN).
With the fintech strategy, the company joins the ongoing efforts to accelerate the CBN’s drive for financial inclusion.
In 2016, data from the CBN showed that 58.4 percent of Nigeria’s estimated 96.4 million adults were financially included. This comprised 38.3 percent banked, 10.3 percent served by other formal institutions and 9.8 percent served by informal service providers. Nigeria plans to have 70 percent of its adult population in the formal financial services sector and 10 percent included in the informal sector in 2020, the apex bank said.
MTN Nigeria said the extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria.
Speaking at the launch, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman, said the launch of the YDFS MoMo Agent is especially significant to the company and that he is excited by the possibilities.“We are fortunate to be part of the telecoms industry which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation,” he said.
MTN Group announced the launch of Africa’s first Mobile Money (MoMo) artificial intelligence service or “chatbot” in May in Ivory coast. The artificial intelligence mobile money “assistant” enables customers to engage with MTN’s MoMo services, including payments, on various social media platforms such as WhatsApp and Facebook Messenger, and via SMS. The service will also be included over time, in MTN’s own newly released advanced instant messaging service “Ayoba”.
The chatbot is an artificial intelligence guide that assists users to navigate MTN’s MoMo services and provide other useful information. This innovation leverages messaging and artificial intelligence to drive customer engagement and enhance their MTN MoMo experience
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