Recharge card business threatened by mobile payments

SATURDAY, 14 APRIL 2012 00:00 BEN UZOR JR

Recharge card printing machine

Nigeria’s vibrant recharge card business which generates an estimated N1 billion daily is been threatened by the emergence of mobile payments.

The Central Bank of Nigeria (CBN) had licensed 16 mobile money operators to render mobile banking and payment using agent networks, and using the mobile phone as a means of delivering financial services.

Mobile money, according to industry analysts is expected to play an integral role in the apex bank’s drive to capture the unbanked population in Nigeria. But more importantly, mobile payments would enable Nigerians perform basic financial transactions such as air-time top up efficiently without having to purchase physical recharge cards.

“Currently, the airtime retail business will experience a steady growth as recharge card sales increases. However, the future of this platform may change significantly as the drive towards e-payment and mobility is being attained. In the nearest future, the channels of distributing airtime will change to mostly e-transfers and payments. This may eliminate long chains and channels previously being used.” Femi Adeagbo, chief executive officer, Comnavig Information Communication Technology (ICT) Consultants, said.

Firm receives $2m grant to boost e-payment

By Ibrahim Apekhade Yusuf 18/03/2012 00:00:00

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Pagatech, an indigenous mobile money operator has received a $2 million grant from the Enhancing Financial Innovation and Access (EFInA) to develop and deliver low cost financial products and services in Nigeria.

EFInA is an independent, professional and non-profit organisation funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development (DFID).

Pagatech was founded in early 2009 by Tayo Oviosu, Jay Alabraba, and Eric Chijioke.

Cashless Lagos: MSCC Makes Nigeria its West African Processing Hub

Apr 12, 2012 in Top Story | 7 views | 0 Comment(s)

Cashless Lagos: MSCC Makes Nigeria its West African Processing Hub

LAGOS, NIGERIA: Mediterranean Smart Cards Company (MSCC), a subsidiary of the Emerging Markets Payments Holdings (EMPH), announced today the launch of its upgraded West African regional office and processing facility in Lagos, Nigeria. The facility now serves as a hub and a processing centre for the entire West African region.

MSCC is a leading provider of outsourced card management services to banks, retailers and governments across Africa. Operating in the African market since 2001, MSCC currently serves 105 banks across 35 countries and supports all card associations and all electronic distribution channels. MSCC is a part of the EMP Group, which also owns EMP Middle East, the leading merchant acquirer and the national ATM switch operator in Jordan, as well as ACET Processing in South Africa, which provides card management services to retail and consumer finance companies in Southern Africa.

Visa, Women's World Banking, Diamond Bank and EFInA Partner to Advance Financial Inclusion for Women in Nigeria

PRESS RELEASE

April 12, 2012, 8:01 a.m. EDT

Partnership Will Deliver Innovative Savings Program Through Traditional and Mobile Channels; Help Nigerian Government Deliver on National Financial Inclusion Goals

NEW YORK, NY, Apr 12, 2012 (MARKETWIRE via COMTEX) -- Visa Inc. V +3.10% , Women's World Banking, Diamond Bank and Enhancing Financial Innovation & Access (EFInA) today announced that they are partnering to advance financial inclusion in Nigeria for underserved women and provide them an opportunity to become economically and socially empowered through access to a savings account.

Today, nearly 77 percent of women in Nigeria are financially underserved.(1) Research has shown that low-income women are good savers, but they need a safe and convenient way to save. Through this partnership, Visa and EFInA are providing the philanthropic funding for Women's World Banking to support Diamond Bank in developing a commercially viable savings product tailored to the needs of underserved women in the country. The project will include both traditional bank branches and mobile phones as channels to deliver savings accounts.

MTN partner Stanbic IBTC on mobile money

THURSDAY, 05 APRIL 2012 11:26 BILL OKONEDO

Leading telecommunications service provider, MTN, and Stanbic IBTC Bank, a member of Standard Bank Group, have signed an agreement on the provision of mobile money services to Nigerians.

Speaking at the signing ceremony which took place at MTN Nigeria’s corporate headquarters in Ikoyi, Lagos, chief executive officers of the two organisations said the partnership represents a major step in Nigeria’s e-payment segment and would facilitate the provision of secure, convenient and user-friendly mobile money services to millions of people across the country.

Mobile money: NIPOST, others lead penetration campaign

 BY DAYO OKETOLA

Faced with inadequate distribution and agency networks, NIPOST and other stakeholders are in the forefront of initiatives to boost mobile money penetration in the country, writes DAYO OKETOLA  

Mobile money, which involves the transfer of money from one mobile phone to another without any need for a bank account, is a game changer expected to make significant impact on the country’s financial and e-Payment landscape in 2012 and beyond.

The Central Bank of Nigeria, in 2011, issued mobile payment provisional licences to 18 companies to implement mobile payment in the country.

They include Monitise, Corporetti Support Services, UBA, GTBank, Ecobank, and IBTC Stanbic Bank.

Others are Hendomark, Pagatech, Eartholeum,   First Bank, ETB, Fortis Microfinance Bank, eTrazact, Chams, Paycom, and M-Kudi.

In view of the preparedness of the licensed operators, who scaled through strenuous CBN testing and evaluation, experts envisage huge transactions in the country’s mobile money market going forward.

This is also because there is a big  market of over 80 million financially excluded Nigerians who have never had bank accounts, coupled with a very robust active mobile telephone subscriber base of over 90 million customers.

Mobile money transactions hit N227.92m in January

APRIL 10, 2012 BY DAYO OKETOLA 

Mobile money service is gradually gaining acceptance in the country as 14 mobile payment operators licensed in August 2011 by the Central Bank of Nigeria recorded 35,971 transactions in January, 2012.

The Head, Shared Services, CBN, Mr. Chidi Umeano, who disclosed this during the 5th West African Convergence Forum organised by IT Edge recently in Lagos, said the value of the 35,971 was N227.92m.

He said, “14 mobile payment operators licensed in August 2011 recorded 35,971 transactions valued at N227.92m ($1.4m) in January 2012. This is expected to grow geometrically as awareness increases.”

Umeano stated that the cash-less society project was gaining traction especially with support from the Federal Government and Lagos State, adding that deployed and active Point of Sale terminal had grown from 5,300 as at June 2011 to 18,874 as at March 4, 2012.

According to him, another 54,086 (up from 31,052) PS terminals have already been registered.

Aero airline introduces e-payments

Etta Michael Bisong | Mar 28, 2012 | 0 comments

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West Africa’s oldest aviation company, Aero Contractors has introduced a mobile payment system on the Universal Message Object (U-MO) platform.

U-MO is a mobile money service that enables users to make and receive payments, and conduct other financial transactions on their mobile phones.

Users of the device can pay their Aero flight tickets via their mobile phones.

According to Aero MD Akin George, “This new service is going to revolutionise how people purchase their airline tickets and what they expect from their airline.”