Encomium
Iraboko residents took a significant step toward financial independence on Wednesday as MoMo Payment Service Bank (PSB) hosted a transformative financial literacy drive in the community. This happened during the handover ceremony of the new Y’ello Box digital centre. The session, which brought together hundreds of residents, was designed 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% gap left to meet its National Financial Inclusion Strategy (NFIS) target of 95 percent overall financial inclusion (this was originally set for the end of 2024). Currently 74% 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.
Victor Onyebuchi, Acting Chief Commercial Officer, MoMo PSB, articulated the core philosophy of the drive, stressing that the goal was to keep wealth within the community. “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,” Onyebuchi explained. This strategic focus ensures that the Y’ello Box serves as an internet cafe and an economic incubator.
The activation was an immersive experience led by the MoMo team, under the guidance of the company’s Chief Compliance Officer, Deborah Odo-Effimi. Residents were taught how to use MoMo for secure transactions, SIM registrations, and business management.
The atmosphere became electric when the training transitioned into a massive giveaway. 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. These rewards served as practical incentives for the financial literacy challenges conducted on-site, including a special MoMo account challenge for elders aged 50 and above.
The session culminated in the announcement of two grand prize winners, Ibrahim Abdulrazaq and Sobanke Rasheedat, who were each awarded a ₦100,000 grant and a POS device to launch their own businesses. “I’m so happy that I’m among the people they picked. I really appreciate it. This MoMo account means a lot to me,” Rasheedat said. When asked about her business plans, she shared her vision for expansion: “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.” Another dream may just come true, all because of a Y’ello Box.
ENDS
