FirstBank of Nigeria partners mobile money service providers

Microfinance Focus, February 22, 2012: The FirstBank of Nigeria has recently signed Memorandum of Understanding with three mobile money service providers including GLO Nigeria, Etisalat Nigeria and Airtel Nigeria to provide secure, convenient, affordable and user-friendly mobile financial services to millions of Nigerians.

What is mobile money?

With so much buzz, anticipation and doubts over the newly-initiated mobile money scheme in Nigeria, a scheme which has thrived in countries such as Kenya, the Philippines and even Cote d’Ivoire, the success stories of those emerging countries will serve as a template for the Nigerian economy. But the big question is what is mobile money and how would it aid Nigerians and the economy?

NCC, others allay fear over M-payment

The Nigerian Communications Commission (NCC) and telecommunications operators have said there is no cause for alarm over the mobile money scheme a.k.a cash-less banking.

Mobile telephone subscribers, who will form the bulk of patrons of the scheme, are worried that the poor quality of telecommunications services, may affect it.

At the 66th NCC Telecoms Consumer Parliament in Lagos, NCC said it would explore every available means to protect consumers from abuses.

Glo, Banks Unveil Txtcash

Globacom has partnered with twomajor licensed banks to launch mobile money service tagged ‘Glo Txtcash’, the new addition to the long list of firsts by the company enables mobile subscribers use their mobile numbers to store Electronic Value (e-Value) of moneyeasily.

MASTERCARD HOSTS CASHLESS PAYMENTS WORKSHOP FOR NIGERIAN FINANCIAL INSTITUTIONS

As part of the preparations for the Central Bank of Nigeria, CBN Cashless Lagos project, MasterCard Worldwide recently hosted several leading Nigerian banks at a training workshop that shared insights into global best practice in the electronic payments industry.

The training involved rollout of the cashless economy policy with the Cashless Lagos project focused on how financial institutions can build effective business relationships with retailers, the vast majority of whom have operated on a purely cash basis historically.

“As the Nigerian economy embraces the government’s cashless policy, many retailers who have not had experience in accepting electronic payments are looking to banks for guidance in setting up their infrastructure to accept electronic payments,” says Omokehinde Ojomuyide, Vice President, Business Development, West Africa, MasterCard Worldwide.

Etisalat partners First Bank on mobile money operations

Nigeria’s fastest growing and most innovative telecommunications company, Etisalat and FirstBank of Nigeria Plc. (FirstBank) have signed a Memorandum of Understanding (MoU) to provide seamless mobile money services to millions of Nigerians. The MoU signing ceremony held at the Radisson Blu Hotel, Victoria Island, Lagos, on Thursday, February 16, 2012, is not only the commencement of a major shift in the landscape of e-banking services in Nigeria but also a combination of the strengths of the two leading organisations to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.

Mobile banking is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile topup, utility bill payments and government collections, among others.

Cash-less economy: Expert predicts 25% rise in money supply

The implementation of the cash-less banking initiative instituted by the Central Bank of Nigeria (CBN) will push Broad Money Supply (m2) further by 25 per cent, the Managing Director, Financial Derivatives Company (FDC) Limited, Bismarck Rewane has said.

The daily cash withdrawal ceiling of N150, 000 for individuals and N1 million for corporations being implemented in Lagos State, seeks to limit the volume of cash that can be withdrawn in a day.