Lagos, MoMo PSB Partner to Drive Financial Inclusion, Food Security

The Lagos State Government’s Food Hub has announced a partnership with MoMo PSB to provide relief and enhance food accessibility for Lagosians, in the aftermath of soaring food prices and economic uncertainties in the country, with increasingly severe impact on households.

The surge in food inflation has left many families struggling to afford essential items, exacerbating the economic challenges faced by residents across the country.

According to the Consumer Price Index for February 2024 published by the National Bureau of Statistics, Nigeria faces a severe food inflation crisis with year-on-year food inflation rate at a staggering 37.92%, a significant increase of 13.57% when compared to that of February 2023.

This means the prices of essential food items like bread, cereals, vegetables, and meat have skyrocketed by nearly 38% in just one year. This sharp rise in food costs makes it increasingly difficult for Nigerians to afford basic necessities, pushing many families towards hunger and forcing them to cut back on essential food items.

The latest NBS data also shows that food inflation may not slowing down very soon, with month-on-month inflation rate for food rising to 3.79% in February 2024, compared to 3.21% in January 2024. This indicates that food prices are continuing to rise at an alarming rate, further squeezing household budgets and worsening the food security situation for millions of Nigerians.

The Lagos Fresh Food Hub, strategically located in Idi-Oro, Mushin, has become a vital resource for residents seeking affordable and nutritious food, offering a diverse range of fresh farm produce like fruits, vegetables, grains, and proteins. By sourcing directly from local farmers and producers, the Food Hub aims to reduce the impact of rising food prices on consumers.

Last weekend, the MoMo PSB team, led by the Chief Commercial Officer, Elsa Muzzolini, according to a statement, arrived at the Lagos Fresh Food Hub with a community-focused mission.

Recognizing the essential role local traders play in the city’s food system, the MoMo PSB team adopted a hands-on approach, forging strong relationships with the vendors and ensuring a seamless integration of MoMo’s payment system. This collaborative spirit transcended sales transactions, demonstrating MoMo PSB’s commitment to community empowerment and financial inclusion, creating a win-win scenario for all involved – both local traders and consumers.

Commenting on the benefits of this initiative, Eli Hini, Chief Executive Officer, MoMo PSB Nigeria, noted that “at MoMo PSB, we hold the belief that financial inclusion and community empowerment are inextricably linked.  Our partnership with the Lagos Food Hub extends beyond simply offering a convenient payment method; it’s a collaborative effort to guarantee that all Lagosians have access to affordable and nutritious food.’’

The partnership with Lagos Fresh Food Hub, MoMo said offers a glimmer of hope amidst the economic uncertainty gripping Nigeria, as it will go beyond just offering discounted groceries and cashless transactions.

The deal, the statement said, is a testament to the power of collaboration in tackling complex issues like food insecurity and financial exclusion. Looking ahead, the success of this initiative could inspire similar programs in other cities struggling with rising food prices.  By working together – government, businesses, and communities – a path towards a more secure and prosperous future becomes a tangible possibility.