As part of a month-long celebration marking MoMo PSB’s second-year anniversary, industry leaders, policymakers, and other stakeholders gathered at the Eko Hotel Convention Centre in Victoria Island to discuss financial inclusion and solutions for SMEs in Nigeria. The MoMo Stakeholders’ Conference served as a platform for deliberations on the evolving landscape of financial services in Nigeria. MoMo PSB was formally licensed in April 2022, reflecting the commitment of the Central Bank of Nigeria (CBN) to advance financial inclusion in Nigeria.

Mobile money has become a significant driver of economic growth and financial inclusion across Sub-Saharan Africa, particularly in countries like Nigeria, Ghana, and Senegal. According to the Groupe Speciale Mobile Association (GSMA), a global organization unifying the mobile ecosystem, the region boasts almost three-quarters of the world’s mobile money accounts, with Nigeria and Ghana playing pivotal roles in driving this growth. The industry has seen exponential growth since 2013, with registered mobile money accounts in West Africa doubling during this period. This surge in mobile money adoption has not only facilitated financial transactions but has also contributed significantly to the GDP of countries with mobile money services. For instance, between 2013 and 2022, mobile money contributed over $150 billion to Sub-Saharan Africa’s GDP, representing a 3.7 percent increase.

In tandem with the growth of mobile money adoption, there has been a corresponding increase in mobile agents, particularly in Sub-Saharan Africa. In 2023 alone, registered agents grew to 18.6 million, while active agents reached 8.3 million. These agents have played a crucial role in digitizing financial transactions, accounting for more than two-thirds of all money entering the mobile money ecosystem. This surge in mobile money penetration has significantly improved financial inclusion and access to digitally enabled services across the region.

MoMo PSB, a prominent player in Nigeria’s digital financial services sector, is strategically utilizing its vast network of agents and merchants to further advance financial inclusion and promote digital transactions. With over 3.1 million agents and 1.8 million merchants, MoMo PSB is poised to offer accessible and affordable financial services to millions of unbanked and underserved individuals across Nigeria. This extensive network not only facilitates seamless transactions but also serves as educational hubs, enlightening users about the advantages of digital financial services. By expanding its agent and merchant base, MoMo PSB aims to deepen financial penetration, drive economic empowerment, and contribute to the overall growth and stability of Nigeria’s economy.

Speaking at the event, Eli Hini, Chief Executive Officer of MoMo PSB stated, ‘’The challenge for SMEs is attracting interest and investment. Strong organization is key. When your business is structured and accessible, it becomes attractive to potential investors and partners. This opens doors to additional solutions that can drive your business further. At MoMo PSB, we offer a platform that exposes SMEs to a wider customer base and connects them with valuable services like easy online payments, international remittance options, and the ability to accept payments from any source. These solutions eliminate the need for cash transactions, saving time, reducing risk, and offering clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth.”

The Stakeholder Conference featured panel discussions, presentations, and insights from policy regulators, industry players, and SME experts on key issues within the digital economy sector, addressing various aspects of Nigeria’s financial services landscape. Discussions revolved around regulatory frameworks, technological innovations, and strategies for enhancing financial inclusion, with a particular focus on empowering small and medium-sized enterprises (SMEs).

The event also featured the unveiling of new SME Digital Solutions: Merchant App, MID, Open API, Remittance. These tools will empower SMEs by simplifying transactions (in-store, online, and mobile), streamlining financial management through API integration, and unlocking international opportunities with remittance services.

The MoMo PSB Stakeholders’ Conference provided an important platform for advancing discussions on regulatory frameworks, technological innovations, and collaborative strategies essential for promoting financial inclusion and economic empowerment.