Dare Babalola
Residents of Iraboko in the Awoyaya area of Lagos witnessed a boost in financial empowerment on Wednesday as MoMo Payment Service Bank (MoMo PSB) hosted a financial literacy campaign alongside the handover of a new Y’ello Box digital centre.
The initiative, which attracted hundreds of residents, focused on equipping participants—particularly women and small business owners—with essential digital financial skills to better navigate the evolving economy and improve their livelihoods.
The intervention comes against the backdrop of Nigeria’s ongoing financial inclusion gap. Data from the Central Bank of Nigeria indicates that while about 74 per cent of Nigerians were financially included as of the first half of 2025, the country still falls short of its National Financial Inclusion Strategy target of 95 per cent, leaving a gap of over 20 per cent.
Speaking at the event, Acting Chief Commercial Officer of MoMo PSB, Victor Onyebuchi, said the initiative was designed to ensure that wealth generated within the community remains there to drive sustainable development.
“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,” he said.
He added that the Y’ello Box was not just a digital hub but also an economic incubator that could stimulate entrepreneurship and financial independence among residents.
The training session, facilitated by MoMo officials under the supervision of Chief Compliance Officer, Deborah Odo-Effimi, introduced participants to a range of services, including secure digital transactions, SIM registration, and basic tools for managing small businesses.
Participants were also incentivised through a series of giveaways aimed at encouraging the adoption of digital banking services. Items distributed included solar-powered fans, umbrellas, and branded accessories, while older residents participated in a special account-opening challenge.
The highlight of the event was the presentation of grants and business support tools to two beneficiaries, Ibrahim Abdulrazaq and Sobanke Rasheedat, who each received ₦100,000 and a Point-of-Sale (POS) device to kickstart or expand their ventures.
Expressing her excitement, Rasheedat said the opportunity would significantly impact her business growth.
“I’m so happy that I’m among the people they picked. I really appreciate it. This MoMo account means a lot to me,” she said.
She added, “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.”
The Y’ello Box initiative is part of MoMo PSB’s broader strategy to bridge Nigeria’s financial inclusion gap by providing underserved communities with access to digital financial tools and economic opportunities.
