CASHLESS NIGERIA : First Bank Assures On Seamless Cashless Transaction

culled from: LEADERSHIP newspaper

By NGOZI OBOH

link: http://leadership.ng/nga/articles/12507/2012/01/06/first_bank_assures_seamless_cashless_transaction.html

Managing Director of First Bank of Nigeria, Mr Bisi Onasanya, has said that the bank has put in place robust infrastructure to ensure electronic transaction without difficulty as the new payment regime Cash-Lite Lagos takes off.

He said the bank has in place good IT infrastructure to drive its e-payment services across transaction touch points.

Such services include the automated teller machine, point of sales terminal, Firstonline, the banks's internet banking, First bank visa card, master card and classic card. Others are First Bank naira card, visa gold credit card, cash deposit ATM among others, the bank disclosed in a statement.

The statement further quoted Onasanya as saying, "It is important to point out that even before the new CBN policy came on stream, we had taken some proactive measures by rolling out various e-transaction services and products. We were able to recognise on time that in the increasing dynamic and sophisticated business environment, the future of banking will be e-driven."

Interswitch assures on security of electronic payments

culled from: THE NATION | by  ADLINE ATILI 

link: http://www.thenationonlineng.net/2011/index.php/business/infotech/32191-interswitch-assures-on-security-of-electronic-payments.html

Electronic payment transaction and processing firm, Interswitch has assured Nigerians of security of e-payment transactions on the Web, Automated Teller Machines ATMs, Point of Sale (PoS) terminals and other e-payment channels across the country.

To increase the confidence level of the company's cardholders who shop online and improve the country's image, the company has increased the security designs of its Web payment platform to ensure adequate security for cardholders. The company says with the chip and PIN technology on the platform, "no one can steal customers' card details."

Director of Payment Solutions at Interswitch, Mr Charles Ifedi disclosed this at the Verve National Consumer promo in Lagos recently. Ifedi said other security measures put in place by the company ensures that merchants that have Websites cannot capture cardholders' card data, saying "if they are able to capture card data of cardholders, it is additional risk."

According to him, the company has created four categories for online merchants to determine the level of trust each merchant could extend to online shoppers. To further ensure adequate security for card holders, Ifedi said the company's Web payment platform has been verified by Visa, the global payments technology company.

At the fourth national consumer promo, aimed at driving the cash-less initiative of the Central Bank of Nigeria, 32 Verve card holders won various prizes ranging from generator sets, BlackBerry smartphones, freezers, LCD TV sets and iPads, across eight banks.

tags: interswitch, mobilemoney, cashless Nigeria, mobile money security

Experts List Hurdles Before Mobile Money Penetration In Nigeria

by Guardian

culled from STURVS

WITH the licensing of about 11 operators by the Central Bank of Nigeria in 2011 to commence the mobile money scheme in the country, experts have stressed the need to remove hurdles that could hinder the operation in the country.

According to experts, poor access channels, inadequate distribution or agency networks, lack of proper awareness and poor mass education among others were possible major hindrances to the burgeoning industry.

Already, Financial Analysts have estimated Nigeria's mobile money market to worth N150 billion, adding that with right policies in place and the industry well managed, the industry could grow to N300 billion soon.

Specifically, the Principal Associate, Mobile Money Africa, Mr. Emmanuel Okoegwale, on Monday in Lagos, said that mobile money was a mass-market product that would require mass access channels to reach all market segments.

According to him, some mobile network operators were yet to open up mass access channels like Subscriber Identification Module toolkit and Unstructured Supplementary Service Data for mobile money providers.

He explained that mobile money is the transfer of monetary value via the mobile phone, which fundamentally rode on mobile networks.

Okoegwale said that without opening up of the access channels by network operators, "it will be an uphill task to reach the masses and provide an easy and convenient means to access the service."

According to him, mobile money should be a service that the urban and simple rural folks should be able to understand easily and use.

He lamented further that the distribution or agency network was a major problem in leapfrogging the mobile money revolution in the country.

Corroborating the need for an expansive agent network, Chief Executive Officer of Fortis Mobile, one of the mobile money operator, Mr. Henry Nwawuba, during their signing in agreement with MTN Nigeria in Lagos in December, said that the importance of rapid agent network, could not be overemphasised if the service must succeed.

"Without the agent network, mobile money will not work. In Lagos, we have about 420 agents. In Abuja, we have about 1000 while in Port Harcourt we have activated 200 agents," he said.

Explaining the services that were available to Nigerians on the network, the managing director of Fortis said that the company would provide basic mobile financial services such as fund transfer, deposit and withdrawal from the bank account, which could be done at an agent location in the community. Before a customer could access to these services, such a customer must have opened a mobile account.

Experts also argued that the country required over 50,000 agents, who will serve as human banks and engaging in cash-in and cash-out across the country for the over 60 million financially excluded Nigerians to significantly feel the impact of the mobile money revolution.

Furthermore, at the launch of Paga in Lagos, the Chief Executive Officer, Paga Tech, Mr. Tayo Oviosu, had said that the country's mobile money industry had the potential to grow to over $1billion in the next five years, stressing that if this must be explored adequately, major infrastructure including access channels, wide agent networks must be on ground.

According to him, Paga has about 5000 agents in major cities of Nigeria, including Lagos, Abuja, Port Harcourt among others.

In view of this, Okoegwale said that while all providers were struggling to roll out their own agent networks to serve the subscribers, the challenge would be to develop a well-connected and positioned agency network.

He said: "It is possible but it will require significant resources and budget to actualise. It may also take some time to reach every nook and cranny of Nigeria.

CBN, banks meet tomorrow over cash-less Lagos

culled from THE NATION | by Ayodele Aminu

link: http://www.thenationonlineng.net/2011/index.php/business/32206-cbn-banks-meet-tomorrow-over-cash-less-lagos.html

Following the teething problems encountered by bank customers in their attempt to key into the  cash-less banking initiative, which started on Monday in Lagos, the Central Bank of Nigeria (CBN) has called for a breakfast meeting with all the deposit money banks in the country.

The meeting, which will also have in attendance key officials of the Nigeria Inter-bank Settlement System (NIBSS), The Nation, gathered, will be held in Abuja tomorrow at the CBN head office. It will be chaired by the CBN Governor, Mallam Sanusi Lamido Sanusi.

Bank, according to information, are expected to explain the progress so far made on the cash-less Lagos; the status of their preparedness; inter-operability challenges and actual number of Point of Sale (PoS ) terminals deployed.

Other issues that will be discussed include charges for e-payment; structure of customers' support as well as handover of  Pos to the companies  that will maintain and support them.

 Amid confusion occasioned by banks' financial year end that temporarily disrupted their operations, customers encountered difficulties in trying to use online banking platform of some banks. They could not transfer funds because of network failure. 

Besides, customers still engaged in cash transactions above the limit.

At many of the bank branches visited, customers still made deposits and withdrawals far above the N150,000 for individuals and N1 million for corporate organisations, specified by the apex bank. 

Managing Director, NIBSS, Mr. Niyi Ajao, said the compliance level will increase when the CBN's penalty for defaulters begins from March 30. He said many bank customers are used to huge cash transactions, stressing that when the implementation of the penalties begins, customers will adjust to the new reality. 

The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and other financial institutions.

Key among the factors militating against the cash-less initiative is the deployment of PoS terminals – majority of which are being held at the ports by the Nigeria Customs Service (NCS).

Speaking on the sidelines of a seminar organised by the Committee of e-Banking Industry Heads (CeBIH) in Lagos last month, Deputy Governor, Operations at CBN, Tunde Lemo, said NCS was constituting a roadblock to the apex bank's target of deploying 40,000 PoS terminals by the end of last year to cater for settlement of transactions, alongside other electronic payment options 

Lemo said the NCS classifies PoS terminals as 'cash registers' and so was demanding 20 per cent administrative charges on each terminal being imported by the commercial banks, and coordinated by the CBN instead of the usual five per cent. 

He said this has significantly affected deployment of the terminals, ahead of initial implementation of the initiative in Lagos. 

Lemo said attempts to make the Customs Service see reason had fallen on deaf ears, including written letters to the Comptroller-General of the Service. He, however, said CBN was ready to dialogue with the NCS but will invoke the aid of relevant political authority to arbitrate on the issue, if need be. 

The apex bank had set a new target for commercial banks to roll out additional 75,000 Automated Teller Machines (ATMS)  across the country by 2015 to encourage the cash-less economy policy of the apex bank. 

Tags: CBN, mobile money, Cashless Nigeria, Cashless Lagos

Nigeria Restricts Telecom Companies From Advertising On Mobile Money Related Business

culled from: Tekedia.com

By Tekedia Editors

The Central Bank of Nigeria, CBN, has banned GSM telecommunication companies from advertising on behalf of any mobile money scheme operators. This was first reported by Vanguard.

 

The ban was communicated via a circular to all mobile scheme operators, signed by Mr. Gaus Emokpae, Ag. Director, Banking & Payments System Department, CBN. This is the context of the full circular.

 

It has come to the attention of the Management of Central Bank of Nigeria that Mobile Network Operators (Telecommunication Companies) have been carrying out public media advertisement on behalf of Mobile Payments Scheme Operators thereby sending wrong signals to the public as well as causing disaffection among the Scheme Operators.

 

"This is totally unacceptable. For the avoidance of doubt, no Telecommunications Company (Telcos) had been licensed by the Central Bank to operate any mobile money scheme in Nigeria.

 

However, the Bank is not unmindful of their critical roles, and hence the explicit assignment of responsibilities to them in the Regulatory Framework for Mobile Payments Services as infrastructure providers. Such responsibilities should be based on criteria which are transparent and generally applicable to all Scheme Operators without discriminatory practices against any scheme operator.

In order to build and sustain public confidence in the mobile payments scheme, it is hereby directed that henceforth, on no account should any Mobile Network Operator be allowed to advertise on behalf of any Scheme Operators or tie the operation of their system to any network.

 

"Customers should be able to operate the mobile payment system from any telecommunication network of their choice. Failure to adhere to this directive will attract appropriate sanctions and could lead to withdrawal of already granted license."

Collaboration in mobile money will lead to convergence

culled from: Vanguard Nigeeria

By Emma Elebeke

Recently, the working group of Nigeria Communications Commission, NCC and Central Bank of Nigeria, CBN convened a stakeholders forum to fine-tune the planned implementation of mobile money in the nation's economy where the President of Medallion Technologies, Mr. Ike Nnamani was a guest speaker. In this interview, he shed light on the workability, benefits and the potentials of the policy. Excerpts:

In the interest of a layman, tell us what mobile money is all about?

Mobile money basically involves the use of mobile phones to carry out financial transactions and it comes in various forms and processes. It is as simple as using your phone to access your bank account to check balances.

The more advanced part of it requires using your phone as a means to carry out some transactions in terms of payment of goods and services, not by exchanging your phone in return for service. Accessing financial transactions by means of communication to make it happen. Mobile money is basically a way to facilitate financial transactions among people, using the phone as a medium to make it happen.

Who are involved in the implementation plan?

Stakeholders in mobile money are varied. First is the regulators, who are responsible for creating the policies and guidelines that should guide it. The role of the regulator is to ensure that when people say you have converted a financial transaction, the recipient gets value for that money and has not been cheated out of his or her money by use of the phone.

So, they have to create guidelines, procedures and policies that must be adopted to make it safe and secure. That is why the central bank of Nigeria is the one issuing the license and approvals to those people that wanted to be involved in mobile money services.

Because mobile money involves the use of phones also, it needs the regulator, in this case, the Nigeria Communications Commission, NCC to also create a guideline under which people that have been approved by the central bank can now interface and interact with the mobile operators and other stakeholders in the telecom side of the industry. So, you have two people on the regulatory side.

Then you have operators, those who have a solution that feel they can offer as a class of business for consumers. Those are the people their license were approved in principles and others were tentative licenses by the CBN after they have conducted approval of consent.

So, you got those as operators in form of solution.

Of course, the subscribers are there . You have to be customer to these people. Then, the infrastructure providers like medallion are a bridge between the telecom operators and mobile money providers, providing them connectivity they need to access their platforms and access the subscribers on the telecom side.

Don't you think there will be a conflict of interest between the two regulators?

No, both regulators have been existing seamlessly before now. What basically happen is on the telecom side.

The regulator has to come up with the standard that the infrastructure providers are deploying, so that they can interface with the telecoms providers network. You don't want somebody to bring a server on a equipment and then the equipment creates a distortion to existing telecom infrastructure. In the same plate, CBN is ensuring that if money is sent through the mobile phone, it gets to the the recipient.

The agent network is responsible if something happens to it. This is where the CBN comes in because anything that has to do with money, it makes sure it gets to its destination. We absolutely don't see any conflict of interest instead we see convergence that collaboration in technology is leading to.

Is it not different people saying broadcasting arm of the industry being handled by NBC and NCC. Also, even though with convergence you will begin to see link between broadcasting and telephone.

Both regulators serve the two ends and have been working together before the policy came out. NCC and CBN working group spent a lot of time to come up with a framework. So, what ever issue they have must have been resolved at that initial stage.

Are you saying that mobile money will engender convergence at the long run?

Yeas, mobile money is convergence between telephone and banking.

With the planned introduction of mobile money into Nigeria economy, what difference are we expecting?

It is good for the economy because different licenses have got different offer but what is generic among all of them is the fact that they want to make life easier for people on the banking side.

Some of the banks for instance have a minimum amount one has to deposit for him to have a current account and the people at the lowest echelon of the society cannot afford these bench mark anymore but with mobile money, they do not have limitations.

They literally have a bank account with mobile money through their mobile phones. This time their current account number in this case is their mobile phone. It is something we can't run away from. That is the future and we are not relenting on making it work in Nigeria. These things are already available in other parts of the world, and it has led to economic development of those that have adopted it.

So, we are definitely hoping that the same level of development and progress will be made in Nigeria market when mobile money is fully embraced.

The advantage is that today, we have more people with telephone than those with bank accounts. It will be a way to bridge that gap to see that everybody with phone can have bank account. It will enable banks keep a proper record of the size of money in the market because when you have more people in the informal market, it is difficult to plan for economic development.

This will also help determine the volume of money in the circulation and provide data which those in the financial sector will need to be able to do their job well.

With this, it is no longer be mandatory for people to go and open a bank account since they have their phones.

What are the economic benefits?

It is going to bring in more people into banking industry. That way, there will be more money in circulation that is accounted for because now you are going through formal channel. Secondly, it is also going to make some of the services and telephone network easier to achieve. Though, we are not fully sure, but we are hoping that it is going to make some of these services cheaper. That is an advantage. A lot of people will like to key into it, coupled with the traditional convenience it will give.

What are the possible intervention areas you see in the implementation?

There are areas of intervention but it depends on the type of service a particular provider and what they would want to do. Some of the services we have on telephone network are going to make it easier.

One area I identified , which I think the regulator has to look at on the case by case basis, is the area where a service provider that is targeting the unbanked, and you find out that it will cost more putting infrastructure in the rural areas to be able to tap into that market. Unlike the urban areas, where the infrastructure is already in place.

So, if service provider is interested in going into rural areas, such licensee may need to get some concessions from government in terms of subsidy and assistance that may be necessary to get them going because investors want to be sure that whoever that is going to provide such services can guarantee their investment. Here intervention need to come from government. Secondly, because this is new, there is need for close monitoring and regulation of infrastructure being deployed and services offered.

More importantly, subscribers are very much interested on who to be held responsible if something happen to their money.

Here, policy needs to be in place because this is where people intentionally become fraudulent. So, we need to work out that thin line between fraud and system failure.

Cashless Lagos takes off amid anxiety

culled from NIGERIA TRIBUNE

Written by Odidison Omankhanlen, Lagos 

The much talked about cashless Lagos formally commenced on Sunday amid further clarifications from industry regulators and top state government officials.

The cashless policy, an initiative of the Bankers' Committee, was introduced by the Central Bank of Nigeria (CBN), to drive development and modernisation of the nation's payment system in line with the Vision 2020.

It is meant to gradually move the nation away from a cash-based economy to electronic payment system in line with what obtains in developed economies of the world.

Lagos State had been chosen as the pilot project before spreading to some key cities in the country by June this year.

Investigations by the Nigerian Tribune showed that though the policy took off during the public holiday when banks were not open for business, the CBN, banks and Lagos State government officials had spent the last few weeks enlightening members of the public on the desirability and modalities for effective implementation of the policy.

Only last week, the apex bank shifted the service charges/fees for those transacting cash above the stipulated amount in Lagos to March 30, 2012, stressing that it was in order to give people time to migrate to electronic channels and experience the infrastructure that had been put in place.

"Therefore, banks should continue to encourage their customers to migrate to available electronic channels, and where possible demonstrate the costs that will accrue to those that continue to transact high volumes of cash from March 30th, 2012 in Lagos State."

CBN explained that the service charge for daily cumulative deposits above the limit into an account would be borne by the account holder, noting that during the pilot in Lagos, individuals paying money from Lagos, into an account outside Lagos, would bear the charges for any single transaction above the daily limit.

"Charges/fees shall apply for all transactions in Lagos, and on Lagos State based accounts. Transactions initiated out of Lagos State, and affecting a Lagos based account shall not attract charges/fees, and shall not be counted as part of the daily," it stated.

The limits are cumulative daily limits each for withdrawal, and for deposits. For individuals, the daily free withdrawal limit is N150,000; while the daily free deposit limit is N150,000. The limits apply to the account so far as it involves cash, irrespective of channel for example over the counter, ATM, 3rd party cheques encashed over the counter, etc in which cash is withdrawn or deposited.

For instance, if an individual withdraws N50,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N200,000, and the service charge will apply on N50,000 - the amount above the daily free limit). The limit also applies to cash brought through CIT companies, as the CIT company only serves as a means of transportation.

link: http://tribune.com.ng/index.php/news/33620-cashless-lagos-takes-off-amid-anxiety

Cashless Lagos takes off amid anxiety

culled from:NIGERIAN TRIBUNE

http://tribune.com.ng/index.php/news/33620-cashless-lagos-takes-off-amid-anxiety

The much talked about cashless Lagos formally commenced on Sunday amid further clarifications from industry regulators and top state government officials.

The cashless policy, an initiative of the Bankers' Committee, was introduced by the Central Bank of Nigeria (CBN), to drive development and modernisation of the nation's payment system in line with the Vision 2020.

It is meant to gradually move the nation away from a cash-based economy to electronic payment system in line with what obtains in developed economies of the world.

Lagos State had been chosen as the pilot project before spreading to some key cities in the country by June this year.

Investigations by the Nigerian Tribune showed that though the policy took off during the public holiday when banks were not open for business, the CBN, banks and Lagos State government officials had spent the last few weeks enlightening members of the public on the desirability and modalities for effective implementation of the policy.

Only last week, the apex bank shifted the service charges/fees for those transacting cash above the stipulated amount in Lagos to March 30, 2012, stressing that it was in order to give people time to migrate to electronic channels and experience the infrastructure that had been put in place.

"Therefore, banks should continue to encourage their customers to migrate to available electronic channels, and where possible demonstrate the costs that will accrue to those that continue to transact high volumes of cash from March 30th, 2012 in Lagos State."

CBN explained that the service charge for daily cumulative deposits above the limit into an account would be borne by the account holder, noting that during the pilot in Lagos, individuals paying money from Lagos, into an account outside Lagos, would bear the charges for any single transaction above the daily limit.

"Charges/fees shall apply for all transactions in Lagos, and on Lagos State based accounts. Transactions initiated out of Lagos State, and affecting a Lagos based account shall not attract charges/fees, and shall not be counted as part of the daily," it stated.

The limits are cumulative daily limits each for withdrawal, and for deposits. For individuals, the daily free withdrawal limit is N150,000; while the daily free deposit limit is N150,000. The limits apply to the account so far as it involves cash, irrespective of channel for example over the counter, ATM, 3rd party cheques encashed over the counter, etc in which cash is withdrawn or deposited.

For instance, if an individual withdraws N50,000 over the counter, and N150,000 from the ATM on the same day, the total amount withdrawn by the customer is N200,000, and the service charge will apply on N50,000 - the amount above the daily free limit). The limit also applies to cash brought through CIT companies, as the CIT company only serves as a means of transportation.

Kindest Regards

sludba Team

 4 Ikosi Road

 Ikosi-Ketu

 Lagos-Nigeria

234 805 783 8282
 234 806 361 2572
234 809 514 5111

234 807 070 8795

234 805 844 9177
 

Central Bank Releases Guidelines for Cashless Lagos, Rules Apply from 1-1-2012

CULLLED FROM: BUSINESS NEWS
http://businessnews.com.ng/2011/12/29/central-bank-releases-guidelines-for-cashless-lagos-rules-apply-from-1-1-2012/

The CBN released guidelines for the implementation of Cash Lite Lagos beginning, January 1^st, 2012.

Under the guidelines released by the CBN, banks are expected to stop providing CIT (cash in transit) services to merchant customers.

CIT services will henceforth be provided by CBN licensed carriers. Banks that continue to provide CIT services will be penalized by the apex bank.

Another guideline bound to shake up the banking system in Lagos when it takes off is the restriction of encashment of 3r party cheques valued above N 150,000 over the counter. Such cheques are expected to pass through the clearing house.

Individuals now have a daily "free" withdrawal limit of N 150,000, whilst corporate may withdraw N 1,000,000. Any withdrawals above these amounts are subject to charges of N100 per every N 1000 for individuals and N200 per every N 1,000 over the limit or 20%. These charges are meant to serve as a huge disincentive for those who keep tons of cash circulating in the economy.

The CBN has however stated that these charges/penalties will not take effect until  March 30^th 2012.

Account holders will bear the charges of any cash deposit transactions over the limit. Interstate transactions will attract charges if they are outgoing from Lagos and not incoming into Lagos as the rules will only apply in Lagos during the pilot stage.

For instance, an individual in Lagos paying in money over the limits into an account in Onitsha will pay the charges for the account holder until the rules take effect in other parts of Nigeria. However an account holder in Onitsha paying money over the limit into an account in Lagos will not bear any charges.

The rules are quite easy to understand, however they may likely cause confusion and discomfort in the early stages.

View the entire guidelines from the Central Bank here

--

Kindest Regards

sludba Team

 4 Ikosi Road

 Ikosi-Ketu

 Lagos-Nigeria

234 805 783 8282
 234 806 361 2572
234 809 514 5111

234 807 070 8795

234 805 844 9177
 

UBA: E-banking solutions for Cash-less expectations

culled from:VANGUARD NEWSPAPERS

http://www.vanguardngr.com/2012/01/uba-e-banking-solutions-for-cash-less-expectations/

From tomorrow, Lagosians would not be able to cash cheques above N150,000. They must pay such cheques into their accounts. This is because tomorrow marks the commencement of the pilot scheme of the cashless policy of the Central Bank of Nigeria.

It started last year, when the CBN, in an attempt to discourage use of cash for payment and encourage use of electronic payment channels, introduced limits on free cash transactions, and charges imposed on cash transactions above that limit. For individuals, free cash transactions is limited to N150,000 and the charge is N100 per extra N1000 above this limit.

For corporate bodies free cash transaction is limited to N1 million and the charge is N200 for extra N1000 above the limit. The apex bank also banned banks from free cash pick up services for their customers. Although the implementation of the policy is schedule for June this year, the apex bank decided to test run the initiative in Lagos through a pilot scheme tagged Cash-less Lagos.

The purpose of the policy according to the CBN is to reduce the high usage of cash, moderate the cost of cash management and encourage the use of electronic payment channels.

In addition to industry efforts to encourage use of electronic payment channels, which include massive deployment of Point of Sale Channels (PoS) across the state, the CBN also expects banks to develop introduce electronic payment channels and encourage their customers to use them instead of cash. "Winners in the 'Cash-less' economy will be the proactive parties that identify opportunities, and who overcome challenges by developing appropriate solutions for their customers", said Eyitope St. Mathew-Daniel, Head, Shared Services, CBN.

It is in fulfillment of this expectation that UBA rolled out an array of electronic payment products all designed to facilitate cash-less banking transactions and payment of goods and service.

The products namely Afritrade, AfriCard, Africash and U-mobile, are designed to reduce to the barest minimum the need for customers to use cash for any transaction and also to extend banking to the unbanked. Three of the first three products are trade related and are meant to facilitate trade transactions across the continent. AfriCash is a secured electronic payment service that allows money transfer across African countries where UBA has a presence and can be collected within five minutes, payout been available in dollars and local currency.

AfriTrade is designed to give customers convenience in payments to third party in any part of the continent. Commenting on how the service works. Customers of AfriTrade are required to apply for trade transaction at any UBA business office with necessary documents while the initiating UBA location advises the benefiting UBA location in the country of the beneficiary and on receipt of transaction message, beneficiary is notified immediately via phone/e-mail and official written notification is sent within 24hours enclosing original copy of the transaction instrument where applicable, and goods are shipped (or services rendered) by beneficiary. AfriCard is a Visa Prepaid debit card variant which is set up without need for the customer to own/operate a bank account with UBA.

To compliment these UBA introduced U-mobile, the country's first mobile money services. With U-Mobile the customer will have a mobile account called U-Mo, created with the his/her telephone number. The customer operates the mobile account through his/her phone and can perform a range of banking transactions.

It is the product of the bank's partnership with Afri-Pay Limited, a mobile payments service provider offering mobile financial services to the unbanked and banked population across Africa.

Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA), Mr. Phillips Oduoza said the U-Mo mobile money services will revolutionize the banking industry just as the GMS has done in the telecom industry.

He said of the about 80 million Nigerian adults in the country, only  25 million people has bank accounts while  the rest 55 million are unbanked, a situation he hope, mobile money would be able to remedy.

"U-Mo is an instant account opened on your mobile phone with just your contact details and mobile number. U-Mo then allows you to do banking transactions with your mobile account anytime, any day and with U-Mo, the customer can save money, send money to any mobile. pay with mobile, pay bills, buy airtime credit, withdrawal and deposit at any agent and UBA branch" Luqman Balogun, Divisional Head, e-Banking, UBA

He said U-Mo has a lot of benefits which makes it very attractive to customers than conventional bank accounts. These he said include zero no minimum balance, no maintenance fee no transaction fee for airtime credit, no COT, free SMS notifications for every transaction, and free online access to your account.

Dr. Yinka Adedeji, Chief Executive Officer, UBA/Afripay, said the  product  targeted mainly on the unbanked and semi-banked population provides the masses affordable banking services with embedded security features to ensure that users of the product do not experience loss of money.

U-mobile comes in three variants designed to ensure that all customer segments are covered. These are U-Mo Silver, U-Mo Gold and U-Mo Platinum. U-Mo Silver is for customers with very little information and it allows them to spend or pay up to N3,000.00 per transaction and up to N30,000.00 per day whilst U-Mo Gold is for customers with contact information and details.

A U-Mo Gold customer is allowed to spend or pay up to N10,000.00 per transaction and up to N100,000.00 per day" he explained.

U-Mo Platinum is for the more sophisticated customers who are allowed to spend or pay up to N100,000.00 per transaction and up to N1,000,000.00 per day. He said "to qualify for U-Mo Platinum you have to provide detailed information including a verified address and a reference.

On security of transactions on U-mo, Adedeji explained that U-Mo provides higher level of security than cards, given that you require four-digit Personal Identification Number (PIN) and possession of your mobile phone to perform any operation. He said that U-Mo Mobile money is available to all mobile subscribers irrespective of their mobile service provider i.e. Glo, Etisalat, MTN, Airtel, etc just as it is available for those with or without bank accounts in UBA.

--

Kindest Regards

sludba Team

 4 Ikosi Road

 Ikosi-Ketu

 Lagos-Nigeria

234 805 783 8282
 234 806 361 2572
234 809 514 5111

234 807 070 8795

234 805 844 9177
 

MTN, Guaranty Trust Bank, Others Partners On Mobile Money

culled from:THE TIDE

http://www.thetidenewsonline.com/2011/12/30/mtn-guaranty-trust-bank-others-partners-on-mobile-money/

MTN Nigeria, in Partnership with Guaranty Trust Bank (G.T. Bank) and Fortis Mobile Money, has launched a new Mobile Money Service.

The Tide learnt that the launch took place within the month at the Civic Centre in Lagos.

According to MTN, the launch followed several months of commitment among the partners with the support and guidance of the Central Bank of Nigeria (CBN).

Chief Executive Officer MTN Nigeria, Mr. Brett Goschen, said that there are much awaited mobile Money Service that will dramatically change the face of communications and financial services in Nigeria.

Goschen, also said that it will provide a new dimension and pleasarat experience to Nigerians.

He explained that the package is safe Quick simple, adding that it is affordable and unique to send and receive money within the country.

The MTN boss, said customers will enjoy their pay for efficient services using MTN Mobile line.

He informed that the newly launched system, offered to the masses is a licenced financial services providers as well as partner to banks.

The Tide further gathered that the package will not only be a market leader but a giant in the information and communication technology (ICT).

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