CBN Directs Mobile Money Operators To Connect To Central Switch In February Next Year

The Central Bank of Nigeria (CBN) has directed  the 16 Mobile Money Operators  (MMOs)  in the country to fully connect to the National Central Switch (NCS) before Feb. 28, 2013.

The CBN gave the directive in a circular entitled “Timeline for Interoperability and Interconnectivity” on Friday.

The circular was signed by Mr Dipo Fatokun, CBN’s director of banking and payment system.

The circular stated that full connection to NCS would enhance MMOs’ ``inter-operability and interconnectivity``.

The apex bank said the decision for all MMOs to connect to NCS was reached at the Mobile Payment Forum held on Nov. 29.

It added that ``for avoidance of doubt, appropriate sanction will be imposed on any mobile payment operator that fails to comply with the circular``.

The CBN issued licences to 16 companies to operator mobile money transactions.

The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasise use of mobile phones. (NAN)

ONLY 400,000 NIGERIANS HAVE MOBILE MONEY ACCOUNTS — SURVEY

Only 400,000 Nigerians have mobile money accounts — Survey

December 23, 2012 by Ademola Alawiye

A new survey has revealed that only 400,000 people are registered with mobile money operators in Nigeria out of 28.6 million adults operating bank accounts in the country.

The survey, which was carried out by Enhancing Financial Innovation and Access, stated that 4.8 million adults were aware of mobile money but 400,000 people actually have registration with mobile money agents.

The figure represents 1.4 per cent of the bank account holders.

The survey also shows that 0.45 per cent of the total adult population (given as 87.9 million people) in Nigeria use the mobile money facility

It stated that mobile money was mostly used to buy airtime, with 32.9 per cent of registered mobile money users buying airtime on the platform; while 28 per cent use mobile money to send money to people.

According to the survey, 21.8 per cent of users have the platform just to receive money from people, while 17.4 per cent use it to pay bills.

Analysts, however, believe that little had been achieved in the area of mobile money considering achievements recorded in other instruments introduced to drive financial inclusion and the cash-less policy.

The Nigeria Inter-Bank Settlement System Plc said last week that the number of registered Point of Sale terminals on the Central Terminal Management System managed by NIBBS increased from 31,000 to 185, 000 from January to November, 2012.

Similarly, total installed Automated Teller Machines in the industry rose from about 8,900 as at June 2009 to about 10, 221 as at July 2012, while debit/credit card issued in the industry rose from 16 million in December 2011 to about 24 million as at July 31, 2012.

The Managing Director, Sotice Investment Company Limited, Mr. Adedayo Toluwase, said mobile money had achieved low success rate in the country with 0.25 per cent of the total population on the mobile platform.

He said, “The CBN has not done enough in enlightening people on mobile money. In Kenya, mobile money has recorded huge success and it’s one of the frequently used tools to send and receive money. You don’t need to go through the stress of having an account before you can access mobile money; so what can be the reasons people are not embracing it? That should be the question the CBN and other agents involved in driving financial inclusion need to answer. Also, I expect them to learn from Kenya and if possible adopt the Kenyan model.”

The Chief Executive Officer, EFInA, Ms. Modupe Ladipo, said 48.1 million adults could be encouraged to use mobile money.

“The top factors, which would encourage them to use mobile money – understand how mobile money works, having a mobile money agent close to residence/place of work, feeling mobile money is safe and when many people start using mobile money,” she added.

Stanbic IBTC marks one year of mobile money , total monthly transaction value of N1.3 billion

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, commemorated the first anniversary of its *909# mobile money service, reiterating its commitment to continuously deliver innovative products and solutions, part of which includes enhancing the robustness of its mobile banking and mobile payments systems.

The bank was one of the first organizations licensed by the Central Bank of Nigeria in October last year to operate mobile money services in Nigeria in accordance with the Mobile Payments Regulatory Framework.

At the event in Lagos, which was attended by stakeholders from the banking, retail and telecoms sectors, the Chief Executive Officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, recalled that Stanbic IBTC Bank had since 2009 shown commitment to technology-driven branchless banking and enthusiastically embraced the Central Bank of Nigeria’s drive towards an increasingly cashless economy.

David-Borha said the organization’s decision to launch the *909# Stanbic IBTC MobileMoney solution last year was underscored by the bank’s strategic focus of strengthening its universal banking franchise by integrating Nigeria’s huge informal economy, which is characterized by unbanked small scale farmers, traders, craftsmen and other types of small and medium sized businesses, into the formal economy, and in the process enhance financial inclusion in Nigeria.

She described mobile money as a game changer which apart from enabling customers to conduct basic financial transactions such as mobile money account opening, buying airtime, deposit and receipt of cash, as well as payment of utility bills through their mobile phones, also offers enormous benefits to the Nigerian economy by channeling the huge funds in the informal sector through the banking system to engender economic development.

Obinnia Abajue, Executive Director of Personal and Business Banking, Stanbic IBTC Bank, said it was in recognition of the need for market-driven partnerships and alliances with the different stakeholders in the mobile money value chain, that the bank went into partnerships with all the four major telecom operators in Nigeria, enabling mobile payment services to take root, proliferate, and scale up across the country.

According to Abajue, Stanbic IBTC has recorded significant milestones with mobile money. To date, *909# Stanbic IBTC mobile money has over 600,000 registered customers, over 790 agents nationwide and there have been over 7.7million agent airtime transactions and a total monthly transaction value of N1.3 billion. A mobile wallet can be funded through; a mobile money agent, at any Stanbic IBTC Bank branch, any ATM, person to person transfer, and online through the web, internet banking and through Quickteller, Abajue said. Stanbic IBTC recently won the Nigerian Financial Technology Award for the best use of IT in mobile money services.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, is a full service end to end financial services organization with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The Standard Bank Group, to which Stanbic IBTC Holdings Plc belongs, is rooted in Africa with strategic representation in 18 key sub-Saharan countries and other emerging markets. Standard Bank has been in operation for 150 years and is focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other.

http://www.mobileworldmag.com/stanbic-ibtc-marks-one-year-of-mobile-money-total-monthly-transaction-value-of-n1-3-billion.html

sludba: sluddba Limited AWARDED THE MOST VALUABLE MOBILEMO...

sludba: sluddba Limited AWARDED THE MOST VALUABLE MOBILEMO...: At the First year anniversary held on Tuesday 11-12-2012 at Jade Place, Victoria Island Lagos, Nigeria, Stanbic IBTC bank awarded slu...

sluddba Limited AWARDED THE MOST VALUABLE MOBILEMONEY AGGREGATOR FOR 2011/2012 BY STANBIC IBTC BANK

At the First year anniversary held on Tuesday 11-12-2012 at Jade Place, Victoria Island Lagos, Nigeria, Stanbic IBTC bank awarded sludba Limited The most valuable mobilemoney aggregator in Nigeria for 2011/2012. Stanbic IBTC is Nigeria s leading mobilemoney licensee having its mobilemoney product running on *909#  on any GSM network with ordinary phones and on www.stanbicibtcbank.mobi on any smart phone.

sludba limited is a leading mobilemoney aggregator in Nigeria positioned and committed to building the most viable and robust agent network in Nigeria by 2015. See www.sludba.com

sludba: ZONAL AND STATE FACILITATORS APPLY

sludba: ZONAL AND STATE FACILITATORS APPLY: ZONAL FACILITATORS  are urgently needed in all LOCAL GOVERNMENT AREAS IN NIGERIA to promote and coordinate the activities of the Mobil...

ZONAL AND STATE FACILITATORS APPLY

ZONAL FACILITATORS  are urgently needed in all LOCAL GOVERNMENT AREAS IN NIGERIA to promote and coordinate the activities of the Mobile payment Ambassadors Scheme

Applicants from KOGI, PLATEAU, BAUCHI, KANO,  KADUNA, JIGAWA, KATSINA, ZAMFARA, KEBBI, SOKOTO STATES who qualify would IMMEDIATELY BE ENGAGED

Applicants MUST have at least a National Diploma. Higher qualification is added advantage

ZONAL FACILITATORS are entitled to monthly salaries and allowances in addition to all other benefits of registered customers

Interested applicants should forward full Names, sex, Age, Quallification, GSM no, state and local government of residence through SMS to 0807-929-2328 or send resume to mpambassador@sludba.com

sludba: MOBILE PAYMENTS AMBASSADORS SCHEME

sludba: MOBILE PAYMENTS AMBASSADORS SCHEME: Are you a Small and Medium Scale Entrepreneur, do you work in one or earn a living from this industry.  Become a Mobile Payment Ambassado...

MOBILE PAYMENTS AMBASSADORS SCHEME

Are you a Small and Medium Scale Entrepreneur, do you work in one or earn a living from this industry.  Become a Mobile Payment Ambassador and lets train, wean, position and empower you earn income in perpetuity. Join M-PAS and enjoy assess to our CUG platform, access to collateral free-interest free loans, get a brand new blackberry and lots more. Visit www.sludba.com and click M-PAS for more information

sludba: Assessing the Move to Cashless Economy

sludba: Assessing the Move to Cashless Economy: Obinna Chima examines Nigeria’s journey to a cashless society, which is basically aimed at reducing the use of cash in the country Des...

Assessing the Move to Cashless Economy

Obinna Chima examines Nigeria’s journey to a cashless society, which is basically aimed at reducing the use of cash in the country

Despite some hiccups suffered by the cashless policy since its introduction in Lagos State January this year, there is a general consensus that Nigeria’s transition to a cashless society is essential for the country’s economic transformation.

This, according to experts, will bring about efficiency in the payment system. The experts, who spoke at a two-day conference tagged: ‘Nigeria Transiting to a Cashless Society: Possibilities and Challenges,’ expressed optimism that the cashless policy will go a long way in bringing a lot of people into the banking system.

The conference, which took place in Lagos, was organised by De Novo (a strategy brand and media firm) and Legal Reach, a UK-based law firm, and sponsored by the Central Bank of Nigeria (CBN).

MOBILE PAYMENT AMBASSADORS SCHEME (M-PAS)

MOBILE PAYMENT AMBASSADORS SCHEME (M-PAS) is TRAINING, INFORMATION DISSEMINATION AND EMPOWERMENT initiative powered by Sludba Limited in a quest to promoting the financial inclusion of the generality of the unbanked populace in Nigeria and building vibrant agent networks while encouraging an active customer usage of the different mobile payment products.  We are strategically positioned with unwavering passion and equipped with the requisite knowledge and pragmatic know how to build, wean, promote, support and manage Mobile Money/payment agents including SUSTAINING AN ACTIVE CUSTOMER BASE.

 COMING SOON.........................................

sludba has invited you to join Twitter!

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Nigerians Express Concern Over Circulation Of Dirty Naira Notes

Some Nigerians  have expressed concern over the high volume of  dirty and torn bank notes in circulation in  the country, the News Agency of Nigeria (NAN) reports.

Checks by NAN in Lagos revealed that there is large volume of dirty, faded and torn notes in circulation, particularly the N10, N20 and N50 notes.

Bank customers complained that the found it difficult to get new notes of these denominations from their banks.

MOBILE MONEY AGENTS COORDINATORS WANTED

Our principal, a Mobile Money Licensee, urgently require serious minded people who are willing to work as Mobile Money Agents Coordinators nationwide. Coordinators will help recruit and manage Mobile Money Agents that will directly register and service customers. Agents would open mobile money accounts with zero naira, send and receive money, buy recharge cards, pay bills, pay school fees, pay Zakat, offering & tithes, buy airline tickets and pay for any business transactions. Salary is very attractive and coordinators are entitled to monthly allowances and other attractive benefits. Interested applicants who must be a graduate (ND, NCE, H.N.D or B.Sc.) in any discipline with excellent leadership skills should text Full Names, GSM No., State & Local Govt Area to any of these numbers:

08079292328,08081776864,08079890113,08037207901

Cashless Lagos: SMEs Open Multiple Accounts to Beat Cash Lodgement Limit

Apr 27, 2012 in Top Story | 6 views | 0 Comment(s)

LAGOS, NIGERIA: Small and medium-scale business owners, traders and some corporate organisations have devised means of beating the maximum cash lodgement stipulated by the Central Bank of Nigeria under the cash-less policy. The development is to prevent the business owners from being penalised by the banks for exceeding the maximum daily lodgement of cash.

 It was gathered that some individual account holders and corporate organisations, which prior to the introduction of the cash-less policy, operated single accounts, had opened multiple accounts under different names to enable them deposit beyond the allowable daily limits. The CBN had announced that effective from April 1, 2012, daily cumulative withdrawals and lodgements in banks by individuals would be limited to a maximum of N500, 000.

CBN to Implement Cheque Truncation in July 2012

28 Apr 2012

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CBN Governor, Sanusi Lamido Sanusi

By Obinna Chima

The Central Bank of Nigeria (CBN) has  said  that it would fully implement the cheque truncation system in the banking industry by July this year.

Director, Banking and Payment System Department, CBN, Mr.  Dipo Fatokun, disclosed this in a chat with newsmen during a stakeholders’ forum on Cheque Truncation organised by the CBN in Lagos at the weekend. 

Mobile money transfer key to financial inclusion’

By Ibrahim Apekhade Yusuf 29/04/2012 00:00:00

Tayo Oviosu is founder and Chief Executive, Pagatech, Nigeria’s first mobile money company established in 2009, whose flagship service, Paga, is the nation’s foremost mobile money transfer service. With venture capital funding from some internationally renowned investors, one of whom is Tim Draper, who also bankrolled social media like Hotmail, Skype, Badoo, etc, the highly cerebral but young Oviosu has been able to proof his worth and mettle as a world class entrepreneur. In this interview with Ibrahim Apekhade Yusuf, he shares the vision and mission of his company, reputed to control over 80 per cent of the nation’s mobile money transfer services

MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria

 Posted by Amira Berrada in Category: Africa,Technology at 12:05 am

MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria

MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria. Further details such as the types of mobile services that will be offered have not been released.

MasterCard, Starwood Hotel Rewards Travellers

Published on April 27, 2012 by pmnews   ·

MasterCard Worldwide and Starwood Hotels & Resorts are rewarding Nigerian MasterCard travellers with a breakfast buffet for two people, each time guests book and pay for their accommodation online at one of the group’s hotels using their MasterCard credit or debit cards.

The offer is available at 237 Starwood hotels in Europe, Middle East and Africa, including five leading hotels in Nigeria, from the 1 March, 2012 to 15 May 2012.

Cashless Policy: A Burden or Relief?

ATM Cards

 
The cashless economy policy of the Central Bank of Nigeria (CBN) was designed to provide mobile payment services, break down the traditional barriers hindering financial inclusion of millions of Nigerians and bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas across the country. It has, however, become an albatross to some elites, the poor, uneducated and traders. Eromosele Abiodun and Obina Chima write
 
As at today, Nigeria occupies the unenviable position of number one country in Africa with largest number of people with no access to financial services. According to data compiled by Microfinance Information Exchange (MIX) last year, Nigeria and the Democratic Republic of Congo were found to have the largest gaps between populations living in poverty and those with access to financial services–80 million in Nigeria and 48 million in the Congo. Besides, managing the few that have access to the banks is said to cost banks a huge amount of money with cash management taken a large chunk of the expenses.

LAGBUS: Already cashless with E-Ticketing (Card ETC)

“The LagBus Asset Management Ltd., operators of LAGBUS, had already gone cashless with electronic ticketing (e-ticketing). The company introduce e-ticketing in April, 2011 with  buses plying Routes 53, 54 and 55 on Lagos Island. How does it work? LAGBUS fleet had validators for E-Ticketing Card (ETC) already installed in them. When a commuter with a card board a LAGBUS, such passenger must board the bus from the front door as the validator is inside the doorway where the (ETC) card must be swiped and the fare for the trip would be deducted from the card immediately. What are the charges? The initial cost for E-Ticketing Card (ETC) is N500 comprising N200 cost of the ETC and N300 worth of travel fare. What are the (ETC) Benefits? With the (ETC) card you can stop any LAGBUS fleet anywhere within the route unlike the paper ticket where you have to get to LAGBUS terminal before you can use them. Reduction in fare rate: Unlike the paper ticket where every destination fare is the same in respective of the distance, with ETC, you get discount (e.g. Leventis to Silverbird Galleria would cost you N70 with a paper ticket but the same distance would cost you N50 with ETC card).   The Danger? The card is not personalized, it can be lent to friends and family members (though only one person can use it per trip). Any money loaded on the card is forfeited in case of any loss or theft of the card. Are you still contemplating?”

Read more about LAGBUS Already Cashless with E-Ticketing Card (ETC) | Cashless Payment Simplified on:
http://www.cashlessnigeria.com/lagbus/?utm_source=INK&utm_medium=copy&utm_campaign=share&

Cashless policy: Currency outside banks declines by 12.2%

By Babajide Komolafe
Currency outside banks declined by 12.2 per cent in January, indicating impact of the cashless policy of the Central Bank of Nigeria (CBN).

The cashless policy took off in Lagos on January 1st this year with the cashless Lagos policy. Though the limit on free cash withdrawals and service charge was delayed till April 1st, the increased awareness and deployment of point of sale (PoT) terminals by banks increased electronic payment transactions and hence encouraged more people to keep their money with the banks.

Live Cashless

CBN's Cashless Policy: Lagos Pilot Fully Commences.

The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The Policy's pilot run is being conducted in Lagos, with the rest of the country to follow in January 2013.

The Policy had earlier stipulated penalty charges of 10% and 20% for cash transactions exceeding N150,000 daily for individuals and N1,000,000 daily for corporates respectively. However, the policy was modified by the CBN shortly prior to the commencement of full implementation of the Policy, ushering in a new financial regime where emphasis shifts from cash based transactions to electronic means of conducting business.

The poor are different

Apr 20th 2012, 8:32 by J.P. | LONDON

HOW many people in the world have bank accounts and what do they use them for? You would think there would be answers to those questions, given that banking is the quintessentially global business, and is important not only in the West but in developing countries, where banks can help poor people save, borrow and invest. Yet, until now, data on the global reach of financial institutions have been limited. The IMF publishes a financial access survey of depositors and borrowers. But there is little about how much people save or why they borrow. Especially little is known about the banking practices of the poor, women and young people. So a big data hole got plugged last year when the Gates Foundation, the World Bank and Gallup World Poll carried out the biggest survey yet of how people save, borrow, make payments and manage risk. The results have just appeared.

CBN, BusinessWorld organises cash-less Lagos Fair

By Laz IBEABUCHI

LAGOS-Following the need to enlighten many Nigerians on the new cashless policy, the Central Bank of Nigeria (CBN) and BusinessWorld newspaper are co-hosting a 3-day Cash-Less Lagos Fair at the LTV Event Centre, Agidingbi, Lagos May 9-11, 2012.

The fair with the theme: “Bringing Hands-on Experience of Alternative Payment Options to Consumers,” will afford banks, card companies, telecom companies, and other providers of alternative payment options a great opportunity to interact with consumers.

Highlights of the fair include speech to be delivered by the Mallam Lamido Sanusi, the CBN governor; presentations by experts on alternative payment options; and raffle draw/promotions by exhibitors and the organisers.

It is believed that the challenge of the cash-less policy is not paucity of alternative payment options, but getting the public to be acquainted with these options and embrace them too. This challenge will be resolved if the gap between the banks and other alternative payment providers and the general public is bridged.

Aero Introduces A New Payment Option For Customers |

Make Your Flight Bookings Easier And Faster Just Sending Two Text Messages

Friday, April 20th, 2012

You can book your flights by sending just two SMS to the short code 32122. Below explains how it works;
First SMS: Aero (space) origin (space) destination (space) date
Example 1: Aero Lagos Calabar 29 April
Example 2: Aero Abuja Port h 30 April
Example 3 Aero Port h Lagos 1 May

First Bank forges alliances with GSM Big Three in mobile money push

By Olubunmi Adeniyi

Chief Executive Officer, Etisalat Nigeria, Steven Evans (left) and Group Managing Director/Chief Executive, First Bank of Nigeria Plc, Bisi Onasanya (middle) at the recent signing of Mobile Money partnership in Lagos. To drive its aspiration as a major player in the emerging mobile money space amid Nigeria's drive towards a cashless economy, First Bank has so far entered into pact with three GSM operators: Airtel Nigeria, Globacom and Etisalat Nigeria.

Lagos. April 19, 2012. First Bank of Nigeria Plc has closed sweeping deals with three big GSM networks under plans by one of the leading banks to take market leadership in the emerging mobile money space, its Group Managing Director/Chief Executive, Bisi Onasanya has said.

To drive its aspiration as a major player in the emerging mobile money space amid Nigeria’s drive towards a cashless economy, First Bank has so far entered into pact with three GSM operators, Airtel Nigeria, Globacom and Etisalat Nigeria.

Visafone sees opportunities in mobile money, broadband

Leading Code Division Multiple Access telecoms player in the country, Visafone Communications Limited, has said it is not closing its eyes to the huge opportunities available in the mobile money space.

As such, its Chiarman, Mr. Jim, Ovia, said the company was poised to operate as a dominant player in the mobile money market as well as in mobile broadband where it had comparative advantage.

Ovia, who spoke through the Managing Director, Visafone, Mr. Sailesh Iyer, during the company’s dealers’ meet recently, said the firm’s strategic plan would ensure that it took a leadership position in mobile money, cash-less Nigeria and convergence.

Visafone to dominate mobile money

TELECOMS

By BiztechAfrica - April 12, 2012, 10:18 a.m.

Image: Jim Ovia. By BiztechAfrica

By Lukas Ajanaku, Lagos, Nigeria

The Chairman of Visafone Communications Limited, Jim Ovia, has assured the telco’s numerous subscribers in Nigeria that, as a leader in the code division multiple access (CDMA) sub-sector of the telecoms industry in Nigeria, it will play leading role in the implementation of the Central Bank of Nigeria’s (CBN)Cashlite Lagos, an initiative designed to institutionalise use of alternative means transacting business other than carrying physical cash.

The chairman also pledged to be at the forefront in the area of broadband internet services provision in the country.

The CDMA sub-sector has been under intense pressure generated by the neck-to-neck competition unleashed on the industry by the GSM players, most of whom benefited immensely from one form of waiver or the other from the government.

Recently, there were calls for a “bail-out” fund for the CDMA but the regulator of the sector, the Nigerian Communications Commission (NCC), said there would be no bail out.

Ovia, who spoke through the Managing Director, Sailesh Iyer, at the company’s Dealers’ Meet in Lagos, also said the firm had clinched an award for excellent service provision of telecom services in the country.