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How YDFS is closing the financial exclusion gap in Nigeria

According to a 2019 report by the National Bureau of Statistics, 73.2 million adults representing 41.6 per cent of the adult population in Nigeria are financially excluded.
About one in five adults and 38 per cent of households report having a formal bank account. This includes both commercial banks (34 per cent of households) and other financial institutions such as microfinance institutions (MFI), cooperative societies, and savings associations. The incidence of banking is higher in the South West region with 56 per cent of households banked and lowest in the North West region with only 16 per cent of households having a formal bank account.
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The issue of financial exclusion has therefore been a major economic challenge that has received the attention of various governments over the past four decades. Prior to the recent efforts to promote financial inclusion, the Nigerian economy was largely a cash-based economy with a significan ....

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MoMo Agent: YDFS partners Mercy Corps to deliver cash transfers to vulnerable households in Yobe state

MoMo Agent: YDFS partners Mercy Corps to deliver cash transfers to vulnerable households in Yobe state
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Vulnerable Persons in Yobe Get Cash Transfers

The Mercy Corps’ ‘Building Resilience in Complex Crisis (BRICC)’ programme funded by the European Union, has signed a new partnership with Y’ello Digital Financial Services, owners of the MoMo Agent Network, a subsidiary of MTN Nigeria, to efficiently deliver automated cash transfers and provide an avenue for programme participants with or without bank accounts to receive funds.
The partnership will kick-start the use of MoMo Agent in the distribution of conditional and unconditional cash transfers to 14,270 households in Damaturu and Potiskum LGAs in Yobe state.
The European Union is funding Mercy Corps to implement an array of early recovery interventions across North-east Nigeria which involves cash assistance to vulnerable households and young people to help restore and improve livelihoods, making them more resilient to conflict and climate shock and stress. ....

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