Access bank customers can now deposit money into their account through an MTN MTN Momo agent.
On the heels of launching the cash out service (withdrawal) with MTN through their Momo agent network. Access bank has now announced that customers can now cash in (deposit) funds into their access bank account at the nearest MTN Momo Agent location.
This follows rumours of staff retrenchment and multiple branch closure that caused the bank to take a PR hit in Q2 2020. It remains largely unknown how far the relationship between Access bank and MTN Momo will go as more services are being transferred to the over 100,000 agents on MTN Momo.
This strategy that I have called MTN Momo Agent-as-a-service has the potential to become the means to finally reach the unbanked in the rural as it becomes incredibly cheap for banks to service rural clients without a branch in the acclaimed unprofitable areas.
You can read my opinion article on MTN Momo Agent-as-a-Service below.