On Saturday afternoon, Tajudeen Omokide, Head Distribution, MoMo PSB joined a twitter Space live-audio conversation to discuss MoMo PSB new bill payment feature, and ended up talking about the potential of MoMo PSB, in light of the new cashless policy. Moderated by Financial educator, Kalu Aja and Fintech consultant, Ogunseye Ladi, the hour-long talk attracted more than 1,800 listeners who tuned in for the conversation.
Here are 5 key takeaways from the conversation that shed more light on MoMo PSB:
1. Deposit old naira notes with MoMo
MoMo PSB offers an easy way to deposit your money into the system, especially in areas where you don't have access to banks. With naira redesign and cashless policy, it is imperative you have some form of digital store of value. Your MoMo wallet will do that for you conveniently and adequately. You can deposit your old naira notes with the MoMo agent nearest to you using your phone number.
2. Your phone can be your bank
What MoMo PSB is driving at is a situation where more Nigerians are performing digital payments and settling bills digitally. So the moment you have a phone and NIN and BVN enabled mobile line, you are at liberty to open a MoMo wallet from the convenience of your house. You can also access value and settle bill payments.
3. Access MoMo in two ways
You can currently access MoMo in two ways, via the USSD code *671# or using the MoMo app. Currently, the consumer app is in its final stages and will be released before the end of the month.
4. Opens you to a world of financial possibilities
You can also send and receive money with ease. All you need is the receiver’s phone number. And the best part? the receiver doesn't need to have a wallet. By simply dialing the phone number, you can transfer money instantly. In a situation where you haven't opened a MoMo Wallet, once you dial *671# it prompts you to set up a pin and then your wallet is set up.
It is seamless, available for everyone and free!
5. Championing financial inclusion
MoMo PSB is ensuring the easiest and most convenient ways to make payments in Nigeria. Outside its services of electricity bill payment, cable TV subscription, as well as the collection of deposits, MoMo also provides a huge opportunity for the unstructured SMEs to be onboarded with absolute ease. MoMO PSB is providing financial services to unbanked and underserved Nigerians who do not have access to them.