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Access Bank Deepens its Relationship with MTN Momo

Tochukwu Egesi
Tochukwu Egesi

Access bank customers can now deposit money into their account through an MTN MTN Momo agent.

On the heels of launching the cash out service (withdrawal) with MTN through their Momo agent network. Access bank has now announced that customers can now cash in (deposit) funds into their access bank account at the nearest MTN Momo Agent location.

Source: MTN/Access Bank Customer 

This follows rumours of staff retrenchment and multiple branch closure that caused the bank to take a PR hit in Q2 2020. It remains largely unknown how far the relationship between Access bank and MTN Momo will go as more services are being transferred to the over 100,000 agents on MTN Momo.

This strategy that I have called MTN Momo Agent-as-a-service has the potential to become the means to finally reach the unbanked in the rural as it becomes incredibly cheap for  banks to service rural clients without a branch in the acclaimed unprofitable areas.

You can read my opinion article on MTN Momo Agent-as-a-Service below.

MTN Momo Agent-as-a-service: Straight from Senegal’s play book
Access Bank’s new strategy to reach the unreachable may have unlocked a new revenue stream for MTN Momo. Undoubtedly MTN Momo has the largest number of active mobile money agents in Nigeria with over 108,000 mobile money agents as at March 2020. MTN’s full-year audited financial report for the peri…
OpinionFinancial inclusionDigital inclusion

Tochukwu Egesi

Financial Sector and Digital Economist (Scribing in Personal Capacity)