What is MMO in banking?

Mobile Money Services (run by Mobile Money Operators [MMOs]), Microfinance Banks (MFBs) and Payment Service Banks (PSBs) are three different financial platforms under which some companies in the financial services sector operate to provide the unbanked and underbanked access to beneficial financial tools.

Is Nigeria using mobile money?

Nigeria is finally turning to telcos to drive financial inclusion through mobile money. “First a phone, now a bank.” In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, has launched its MoMo Agent mobile money service.

Is mobile money in Nigeria?

There are many examples of Telcos taking the lead providing mobile money services in such places as Kenya, Tanzania, Uganda and Ghana. Nigeria’s mobile money landscape is, however, dominated by banks, technology and financial services companies.

How do I become a mobile money operator?

How to Register as a Kudi Mobile Money Agent

Download the Kudi agent mobile app from the Google Play Store.
Register on the Mobile App by adding your phone number and BVN.
Tap on “Continue”.
Verify your phone number by inputting an OTP that will be sent.

What does it cost to start a POS?

Step 3: Acquire a POS machine The cost of a new POS machine is between N85,000 and N100,000 only. Some banks like First Bank offers free POS machines but you need to meet their requirements. You will also need to collect the POS document from your account officer or the nearest branch of the bank.

How do I get MoMo agent POS?

To Become An Agent You must be capable to provide a Working Capital of N20,000 and above. And as a requirement, you will fill the MOMO Authentication Question form. To apply, please visit the closest MTN office to your location to pick up the form, fill and then submit.