In its efforts to ensure that more Nigerians have easy and reliable access to finance and foster financial inclusion, the National Association of Microfinance Banks, Lagos State chapter (NAMBLAG) has signed a Memorandum of Understanding (MoU) with Fortis Mobile Money, a mobile money operator licenced by the Central Bank of Nigeria (CBN) to reduce the number of people without access to finance.
Pointing out that all MfBs in Lagos State will automatically become aggregators with the signing of the MoU, the Chairman, NAMBLAG, Mr. Olufemi Babajide, said MfBs are expected to commence mobile money operations from January 1, 2012, without hitches.
"Mobile payments through cell phones have been identified as a feasible tool to provide basic financial services to millions of unbanked populations in urban and rural communities in Africa, and it will become a booming industry in Nigeria.
"As the roll-out date of the cashless policy draws nearer, MfBs have very important roles to play to make this effective mode of payment a reality.
"The association setup a committee with the sole aim of looking for a reputable licenced mobile money operator that we can partner wit, and I'm glad to say that Fortis Mobile met all our expectations.
"By becoming aggregators, all MfBs would provide financial transactions to all registered mobile phone users, thereby, increasing financial inclusion."
Pointing out that Nigeria is ripe for the mobile money technology, the Head, Business Development, Fortis Mobile, Mr. Kunle Ogunmola, said with over 70 million mobile phone users, the prospects are very high.
"With only about 30 million of over 150 million Nigerian population having bank accounts, Nigeria is a huge unserved market which ready for the mobile money technology. This is because with over 70 million mobile phone users in Nigeria, more people would enjoy financial services which would be at their fingertips.
"We decided to partner with NAMBLAG because of their wide reach and volume of customers to provide seamless financial services and transactions to the underserved and unserved.
Well, given all this efforts been put in place to ensure by January the general populace can start enjoying the ease of doing transactions from their mobile phones.
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