What’s The Difference Between MMOs and Super Agents?

Following the news/publications about MMOs companies licensed by the CBN, we would like to assure you that PayCentre is a Super Agent and we are also licensed by the CBN to carry out Super Agent responsibilities.

In the Nigerian financial inclusion sector, there are three main types of players:

(1) MMOs (Mobile Money Operators)

(2) Super Agents and

(3) Banks.

While all three provide financial services, there are some key differences between them.

MMOs are companies that provide mobile money services, allowing customers to store, send, and receive money using their mobile phones. These services are often targeted at individuals who do not have access to traditional banking services and can be a convenient and affordable way to manage money. MMOs are regulated by the Central Bank of Nigeria (CBN) and must meet certain requirements to operate.

Super Agents- on the other hand, are companies that work with MMOs and agent bankers to provide mobile money services to customers. They are responsible for managing agent networks, providing customer support, and promoting financial inclusion. Super Agents are also regulated by the CBN and must meet certain standards to operate.

Banks are traditional financial institutions that offer a wide range of services, including account opening, payments, savings, loans, and investment products. They are heavily regulated by the CBN and other government bodies and are subject to stringent capital requirements and other rules.

Financial companies can have one or two or three of these licenses depending on their scope of operation.

On the whole, while all three types of players provide financial services and sometimes work together, they differ in terms of their focus, target market, and regulatory requirements. Understanding these differences is important for anyone using financial services in Nigeria.