United Bank for Africa (UBA) has commercially unveiled a mobile payment platform that will revolutionise payment system in the country, using mobile phones.
The technology savvy platform called U-Mo, which is being powered by its associate company, Afri-pay, will allow users transfer money, make payments and receive payments through their mobile phones.
U-Mo, which is available to over 90 million mobile phone subscribers irrespective of their networks, is designed to promote savings as well as enable people to carry out financial transactions, including sending and receiving monies from their phones. It enables phone users to buy airtime for self and for others, pay bills, pay for goods and services in shops and on the internet.
Speaking at the launch, Group Managing Director/CEO, UBA, Mr. Phillips Oduoza said the launch of U-Mo was a major step towards realising the objectives of the 'Cash lite' policy of the CBN.
According to him, "this product is the first in the banking industry in line with the CBN policy and it is going to be a revolution. This product is unique. Almost everything any form of transaction can be done through U-Mo" he added.
He commended the CBN for providing the environment for this to happen as it will in no small measure lead to a significant higher levels of financial inclusion given that there are more phones subscribers than account holders.
Also speaking at the event, the Managing Director of Afri-Pay Mr. Yinka Adedeji disclosed that Afri-Pay would offer three categories of U-Mo Accounts namely; Silver, Gold and Platinum, differentiated by degree of personal information provided by the subscribers.
Specifically, U-Mo Silver is offered for customers with very minimal information and it allows them to spend or pay up to N3,000.00 per transaction and up to N30,000.00.
Essentially U-Mo Silver enables payment for food, transportation and basic goods, buy airtime for self and family, send and receive money from mobile phones.
U-Mo Gold is available to customers who are capable of initiating transactions at N10,000.00 per transaction and up to N100,000.00 per day.
U-Mo Gold can be used to pay for services of high value including buying local airline tickets, among others. For the U-Mo Platinum, he explained that it is designed for customers with information that include address verification and a reference as it allows customers to spend or pay up to N100,000.00 per transaction and up to N1,000,000.00 per day.
U-Mo Platinum customers can use their phones to pay for higher services and good including construction materials, international tickets, etc. All of the product offerings are readily available to any Nigerian that has access to mobile phone or mobile phone agents.
U-Mo is available to UBA and non UBA customers.
According to Adedeji "customers with accounts in any bank are encouraged to sign up for U-Mo as they can easily load money from their bank account into U-Mo and move money received on U-Mo account into their bank accounts. U-Mo now makes banking available for everyone, including traders, okada riders, transporters, casual workers."
UBA is one of the 11 mobile money operators licensed by the Central Bank of Nigeria (CBN) to carryout commercial payment system in the country, designed to encourage easy and robust transactions electronically, without the use of physical.
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