At least two residents of the Iraboko area of Lagos State were recently given a N100,000 grant each by the mobile money arm of MTN Nigeria, MoMo Payment Service Bank (PSB).
The beneficiaries, Mr Ibrahim Abdulrazaq and Ms Sobanke Rasheedat, were also each given a POS device to launch their own businesses at the commissioning of a new Y’ello Box digital centre in Awoyaya.
“I’m so happy that I’m among the people they picked. I really appreciate it. This MoMo account means a lot to me,” Ms Sobanke enthused.
“I would like to use the money to upgrade my business because I’m a business owner. I sell bags. And my mom sells flowers,” she added.
The digital centre cited in the community is to equip the local population, particularly women, with the necessary digital financial skills to navigate the modern economy and secure their families’ futures.
The Central Bank of Nigeria recently stated that there is still an over 20 per cent gap left to meet its National Financial Inclusion Strategy (NFIS) target of 95 per cent overall financial inclusion (this was originally set for the end of 2024).
Currently, 74 per cent of Nigerians are financially included, as of the first half of 2025. This presents an opportunity that MoMo PSB intends to step in to fill.
“Our initiative is centred on financial inclusion – ensuring that the economic value generated within this ecosystem remains in the community to fuel sustainable local growth,” the acting Chief Commercial Officer of MoMo PSB, Mr Victor Onyebuchi, stated.
The activation was an immersive experience led by the MoMo team, under the guidance of the company’s Chief Compliance Officer, Ms Deborah Odo-Effimi. Residents were taught how to use MoMo for secure transactions, SIM registrations, and business management.
To encourage the adoption of digital banking, MoMo rewarded active participants with prizes. Residents walked away with solar-powered fans to combat the heat, umbrellas for the rainy season, and branded caps and wristbands.