Vitalpay Nigeria

17/07/2014

Mobile Money: GTBank Introduces Cardless ATM Withdrawals
admin, 1 year ago

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I’m not the biggest fan of Nigerian banks. For me they are a necessary evil, it gets old keeping money in your mattress and with the growing insecurity in the country; it’s not necessarily a good idea to be self-banked.

So despite the fact that I’ve accepted that banks are somewhat useful; I do tend to keep my banking transactions to a bare minimum and spread to as few banks as possible. GTBank is one of the primary banks I utilize to handle my personal and corporate business. I like their style, convenience (best felt if you bank on the Island), and service for the most part. Although it gets annoying when every time you walk into a branch because you don’t have an ATM card, the cashier asks, “Sir, don’t you have an ATM card?” I guess that’s just one of the questions, management insists they ask the defiant customer who dares to live without an ATM card.

But I think management can breathe a little easier now. GTBank launched a new mobile money service earlier this week. There are a couple features I like about the mobile money service, but the most fascinating for me is the fact that I can finally use an ATM, even though I don’t have an ATM card. Yes! The mobile money application allows you to use an ATM without a Card, and GTBank ATMs have the technology which allows you to withdraw money from an ATM without an ATM card. Forget cashless banking, cardless banking is the new IT.

It sounds ironic, but as a mainland dweller (GTBank mainland branches are usually packed to the door with customers), I am in desperate need of ATM. I don’t necessarily care for the efficiency with which an ATM can help you drain your last paycheck on a Friday night out with the crew, but there’s something more reassuring about having a mobile application in your smartphone that puts your bank in your palm. Continue reading

15/07/2014

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13/06/2014

NDIC Finalises Insurance Cover Mobile Banking

ARTICLE | JUNE 13, 2014 - 10:45AM | BY UGOCHUKWU ONYEOCHA

Mobile banking subscribers are soon to get insurance cover as the Nigeria Deposit Insurance Corporation (NDIC) is putting finishing touches to an initiative to extend deposit insurance to them.
The Managing Director, NDIC, Alhaji Umaru Ibrahim, who disclosed this at a roundtable discussion on ‘Mobile Payment Services in Nigeria’ in Lagos on Thursday, said each subscriber would be guaranteed up to N200,000 or N500,000 as applicable to Microfinance Banks/Primary Mortgage Banks and Deposit Money Banks(DMBs) respectively, in the event of bank failure.
He noted that if a bank fails, the insured mobile account can be transferred to another sound bank.
This, he stressed, would further engender public confidence in the system, thereby promoting financial stability.
According to him, “The NDIC framework for extending deposit insurance to individual customers of mobile payment services is being finalised.”
Stating that NDIC, as a deposit insurer provides a unique role of enhancing financial inclusion by encouraging mobile financial services, he noted that, the corporation seeks to continuously create awareness and support this mobile payment initiative, so as to give confidence to subscribers, as well as ensuring them of the safety of their funds held in pool accounts in the banks.
Mobile payment, he said, refers to payment services operated under financial regulation and performed from or through a mobile device.
“It is a convenient, secure and affordable way to send money to friends and family using mobile phones and/or other electronic devices like internet facilities,” he disclosed.
Ibrahim stressed that with mobile money, all economic agents can transfer fund to any recipient in the country and outside the country as well as pay for their goods and services, using their mobile phones and other electronic devices.
“Mobile phones, in particular, are an attractive way to promote financial inclusion given their extensive use by the population and global reach. Mobile phones can serve as a virtual bank card, point of sale terminal (PoS), ATM or internet banking terminal. The confluence of banking technologies with mobile telephony leads to wider pe*******on and holds new promise of financial inclusion for the minority of the unbanked,” he emphasised.
Stressing that CBN issued a regulatory framework for the operation of mobile payments services in Nigeria in 2009, he noted that the apex bank granted licences to 21 mobile money operators in the country.
He disclosed that the transaction volume and value of mobile payments stood at 14,947,600 and N140 billion respectively, as at 31st December, 2013, stating that, this showed increase in the level of acceptance of mobile money, heightened by increased public awareness.

21/03/2014

Nigeria: Western Union Expands Mobile Money Payment
BY HENRY IFEANYI, 18 MARCH 2014
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Lagos — WESTERN Union has expanded its mobile money payment services in Nigeria in a move the company said would facilitate financial inclusion.

The company said it had entered into partnership with local mobile payment firm, Paga to allow users of the platform to receive money transfers from any part of the world.

With the partnership, Paga users now have the option of receiving a Western Union Money Transfer transaction directly into their Paga account.

Using Paga's multi-channel platform, customers can also withdraw the money by sending it to a bank account, withdrawing from an ATM or through Paga's network of over 4 000 agents in Nigeria.

Consumers can also choose to pick-up their funds at participating Western Union Agent locations across the country.

International money transfers for mobile pick- up via Paga can be initiated at westernunion.com in more than 20 countries, or participating Western Union Agent locations worldwide.

The new offering complements Western Union services offered through its retail Agent network of more than 500 000 locations around the world, which includes 4 900 locations in Nigeria.

"Western Union continues to introduce new service offerings to expand its mobile footprint as part of our omni-channel strategy, which facilitates financial inclusion for consumers who may not have access to traditional banking products," said Aida Diarra, Regional Vice President (Africa) at Western Union.

"We are very pleased to broaden the reach of our digital offerings and access points for consumers in Nigeria, as this supports the move towards a cashless society as per the Cashless Policy of the Central Bank of Nigeria (CBN)," he added.

Tayo Oviosu, Founder and Chief Executive Officer of Paga, welcomed the partnership with Western Union.

"Paga continues to execute on its strategy of simplifying payments for all Nigerians - whether you are a business or an individual. This relationship extends our services to the world - now anyone across the globe who needs to send money to Nigeria can 'Just Paga it' through Western Union.

"Paga is proud to work with Western Union and we look forward to continuing to deliver innovative money transfer services to Nigerians around the world."

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19/02/2014

Proof of identity hindering Nigeria’s N1.1trn mobile money business
February 19, 2014 | Filed under: main story | Author: Ben Uzor Jr
The lack of generally accepted proofs of formal identification required to assist service providers navigate KYC (Know Your Customer) concerns has been identified as a major drawback to the success of mobile money operations in Nigeria, according to a new report released by Lafferty Group and obtained by BusinessDay on Tuesday.

The report says that when this situation is combined with the need for secure authorisation mechanisms to enable financial services providers manage risk, the result is a very low uptake of mobile money services, confined largely to those who already have bank accounts.

This also implies that the vast unbanked majority in Nigeria remains so, and the current mobile money offerings do very little to address this.

Mobile_money_nigeria

Reinforcing the report’s findings, Akin Oyebode, head, SME (Small Medium Enterprise) Banking, Stanbic IBTC Bank, said, “The major reason Safaricom (MPSA) was able to navigate KYC concerns in Kenya is because Kenya has a national identification system”. According to Oyebode, the only way to scale adoption of the service is to reduce KYC requirements to open accounts or transact via mobile money.

The report further highlighted the need for a paradigm shift from a focus on ‘banking’ to the inclusivity of ‘financial’, which would enable non-banks to operate in the mobile money space.

The Central Bank of Nigeria’s (CBN) perception that mobile money is a ‘banking service’ rather than a ‘financial service’ constitutes a drawback to service uptake, the report adds.

Two years after mobile money service was launched in Nigeria, it is yet to catch on with the generality of the populace. The report also pointed out that the general population’s low awareness of mobile money and its benefits, poses another challenge towards unleashing the N1.1 trillion market potential of the service. “Despite the fact that 70 percent of Nigerians have access to mobile devices and SIM cards, only 35 percent have any knowledge of mobile money services”, states the Lafferty report.

A recent poll by the Nigerian research company, NOI, further reinforces Lafferty’s findings. According to NOI, only 6 out of 10 Nigerians are aware of the service (59 percent), and of that number only 13 percent are actually using it.

Even more disheartening is that 93 percent of the mobile money adopters are using the service in conjunction with an existing bank account. The remaining 7 percent had a bank account, but operated it separately. What this means is that the target audience—the unbanked—is missing out completely in the grand scheme of things.

The Lafferty Group is of the view that these challenges however are not insurmountable. “Ongoing dialogue with the Nigerian central bank would contribute towards changing the central bank’s perception of mobile money’s positioning.

“Such dialogue should be supported by global case studies that showcase for example, retailers and telecoms providers that have successfully transformed into mobile money service providers with the help and support of their own central banks”, according to the report.

“Telcos have demonstrated capability to address the constraints associated with the slow uptake of mobile money service. Therefore, the regulatory framework should be reviewed to allow telco involvement, to conclusively eliminate these constraints,” said Osondu Nwokoro, director, regulatory affairs, Airtel Nigeria, in a recent industry forum.

“The Nigerian government is already busy with a national identity project”, according to the report. This, combined with an innovative and pragmatic approach to KYC principles that are nevertheless stringent enough to combat electronic fraud, would make it more possible for the unbanked to take up the service.

The report suggests that mobile money service providers could redirect and rechannel marketing budgets towards general mobile money education and enlightenment.

By: Ben Uzor Jr

08/01/2014

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30/12/2013

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11/12/2013

Nigerian mobile money service Paga launches agent network unit

Parent Category: Mobile Published on 10 December 2013
By Henry Ifeanyi Nigerian mobile money firm Paga has officially launched its agent network management subsidiary.
Nigerian mobile money firm Paga has officially launched its agent network management subsidiary in a bid to partner with other industry stakeholders to boost the uptake of its financial services.

According to officials, the new unit is an independent subsidiary of Paga and is planned to help deliver an open agent network for industry stakeholders to access several basic services under a shared services model.

The firm said the subsidiary is expected to help deliver financial services and products to the over 70% of unbanked adult Nigerians.

“Our motivation is simple. We recognise the urgent need to expand access to financial services across Nigeria and our experience to date has shown us that a well-managed and sustainable agent network is the single most important factor that must be in place to make it happen,” said founder and chief executive of Paga, Tayo Oviosu, said.

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He said since receiving its license in 2011, Paga has built a network of more than 4,000 agents across 25 states in Nigeria.

“We have developed a deep expertise in this area and now we will offer the service to the rest of the market,” said Oviosu.

"Our announcement will allow Diamond Bank, First Bank, Mansard, LAPO or any other firms with well thought-out plans for agency banking to offer their products directly through a strong agent network," Oviosu said.

According to the official, Paga and Paga Agent aggregators plan to take responsibility for building and managing the robust agent network for the benefit of multiple partners.

“These partners can then focus on delivering great savings, loans, insurance or investment products that the Nigerian consumers are demanding,” said Oviosu

03/12/2013

Have you embraced mobile money?

DECEMBER 2, 2013 BY ’NIMI AKINKUGBE 1 COMMENT

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’Nimi Akinkugbe
’Nimi Akinkugbe
| credits: File copy
In spite of Nigeria’s relatively sophisticated banking sector, the over 6,000 branches that the commercial and microfinance banks have introduced are not nearly sufficient for a potential market of over 150 million people. Because of the low bank pe*******on, a large part of the population is financially excluded from the formal banking system. Indeed, KPMG recently stated that only about 20 per cent of the population is banked.

The primary objective of the financial inclusion strategies that are being implemented across the developing world is to connect the “unbanked” population with the formal banking system. In the absence of access to the formal banking system for most Nigerians, transactions tend to be cash-based, leaving no audit trail for regulators to monitor. Mobile money will introduce more transparency and create a greater visibility in transactions and money flows as remittances move from the informal to formal channels. It is thus somewhat disappointing that its enormous benefits have not been quickly realised.

The challenges of financial inclusion include illiteracy and a lack of awareness, a cumbersome documentation process and difficulty in proving identity or proof of address, long distances and often awkward physical access to bank branches particularly in rural and isolated locations, low income and high transaction costs.

For a country severely constrained by an inadequate infrastructure and where relatively few people have access to bank accounts, the introduction of mobile money into the domestic economy should help to extend basic financial services to the millions of unbanked people who will enjoy the convenience of transferring money without having to open bank accounts, which they often do not qualify for. With over 120 million mobile phone users and less than 30 million bank account holders, the mobile phone pe*******on far outnumbers the bank account pe*******on. It is estimated that over 60 per cent of Nigeria’s population remains unbanked.

Simply put, mobile money is a service that enables money to be transferred through a mobile phone. Once the account holder has registered and the account has been set up, subscribers can carry out a number of operations; they can deposit money, pay bills, transfer and withdraw funds and buy goods and services via text messaging and in a cost-effective way.

To open a mobile money account, you will be required to take some form of identification to a mobile money outlet, which will include telecom shops, large and small retailers, for registration. You can then deposit money, which can be transferred to a mobile phone even where the recipient uses a different service provider. The recipient receives a notification on their mobile phone via a text message with which they can visit a local agent to receive the money. It does not require the use of cards like other electronic payment channels.

Mobile money provides unbanked mobile phone users with a secure platform, which introduces easy-to-use menus on their phone to send messages through an audited system; it can authenticate both sender and recipient and record the transaction in a secure way. In addition to its ability to increase transactions, mobile money is an ideal medium of storage of money for both the banked as well as unbanked subscribers.

In spite of the fact that interest is not earned on balances, money that may have been kept “under the mattress” at home that failed to enter the traditional banking system, may now find its way into the formal system and those without bank accounts can retain their savings on this secure platform.

Many Nigerians have to travel far away from home to find work and need to send money back to their dependent extended family members in the rural areas to meet their daily expenses and assist with their bills. The cost of remitting money can be very high and this forces people to depend on more informal channels such as friends or relatives to remit or physically deliver money. Mobile technology lowers the cost of remittances as it removes the need for physical points of presence. The ability to pay for goods and services, without having to carry cash, has a universal appeal. With mobile money, travelling long distances just to deliver cash, which comes with significant risk of loss or theft, should no longer be an issue and the money will be delivered as fast as it takes a text message to arrive.

The mobile money system offers huge opportunities for retailers, who will be able to register their outlets as agents offering the service and in return get a commission for registering new subscribers. Naturally, the retailers would also benefit from an increased number of customers visiting their stores, as they are likely to make other purchases from the store at the same time. Throughout Nigeria, with its vibrant entrepreneurial populace, there are retailers that are well placed to register their outlets so that subscribers can easily withdraw their cash.

Financial inclusion and in particular the advent of mobile money should eventually have a huge impact on the lives of the ordinary Nigerian. As soon as people gain access to financial services, their cash management and personal financial planning will improve and this will lead to a greater ability to save.

Indeed, the extraordinary success of Kenya’s M-PESA has demonstrated that there is a strong and compelling need for a platform that can empower people to make cash-less transactions without having to visit a bank for every transaction. The youth segment in particular is likely to adopt this payment mode faster than the older members of the population as they imbibe technology so effortlessly and constitute a large segment in Nigerian mobile subscription.

02/12/2013

MTN, Visa Join Hands on Mobile Money

Thu, 2013-11-28 00:03 -- superadmin
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Author(s):
paul adepoju

Sifiso Dabengwa, Group President/Chief Executive Officer of MTN Group
MTN Mobile Money users will now be able to make transactions everywhere that Visa is accepted as a result of a partnership agreement between both companies.

Under the agreement, MTN customers’ devices will be able to pay using their MTN Mobile Money account in stores with Visa’s Points Of Sale (POS).

“In addition, customers will be able to make online payments at all Visa merchants and withdraw money from their MTN Mobile Money account at any Visa ATM,” MTN Group said in a statement.

Speaking on the deal, Pieter Verkade, MTN group chief commercial officer said the network’s subscribers would have access to Visa’s network.

He said: “The partnership between MTN and Visa will provide MTN Mobile Money customers with access to the entire Visa network, which includes merchants, online vendors and ATMs, to enable a “mobile” payment experience.”

The company added that its Mobile Money customers in Ghana will be first to experience the innovative new mobile payment solution when it’s launched in that country before the end of the year.

After Ghana, he said the service will then progressively be rolled out across the MTN footprint.

Vish Sowani, Visa’s head of Global Mobile Network Operator Partnerships, Innovation & Strategic Partnerships Group said the company is delighted with the partnership with MTN.

“We are delighted to launch this exciting new service with MTN. This is significant as we look to extend the benefits of electronic payments to mobile money services in Africa. Visa recognises that mobile technology is the single most significant driver of financial inclusion and improving access to financial services is a critical building block to help more people improve their lives.

“We look forward to building on this broad based partnership with MTN to bring further innovative payment related products to their customers in the future,” said Sowani.

MTN Mobile Money enables users to do national and international money transfers, make utility and other service payments, purchase airtime, access insurance and financial products and make retail payments.

- See more at: http://www.nigeriacommunicationsweek.com.ng/e-financial/mtn-visa-join-hands-on-mobile-money .3JOGl83m.dpuf

Thu, 2013-11-28 00:03 -- superadminAuthor(s): paul adepojuMTN Mobile Money users will now be able to make transactions everywhere that Visa is accepted as a result of a partnership agreement between both companies. Under the agreement, MTN customers’ devices will be able to pay using their MTN Mobil...

28/11/2013

Implementation of Mobile Money does not have to Start from Unbanked – Eskimi

Wed, 2013-11-27 00:04 -- superadmin
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Author(s):
paul adepoju

Mr. Vytas Paukstys, Eskimi CEO
As opposed to the popular notion that mobile money is majorly for the unbanked, an expert as revealed that the widely accepted notion is not entirely true.

Explaining the report of a study carried out on Nigeria’s second largest social media platform, Eskimi, Vytas Paukstys, the chief executive officer of Eskimi said mobile money ought to be introduced from social media, especially to individuals that are already making transactions.

He said:”In the market, the understanding is still that you have to start mobile money roll-out from the unbanked. And this is wrong. Our research shows that you have to start from social media: urban, tech-savvy and already transacting customers.”

He added that it is difficult to start a technology business from people who only use technology for limited purposes.

He said: “You cannot start mobile money which is a technology business from people who never used technology except making calls.”

Currently, the focus in Nigeria and other African nations is to provide means of operating financial transactions to individuals who are unbanked hence most efforts are designed with the goal of targeting the unbanked.

This report however suggests that the strategy may not be effective in the promotion of mobile money in Nigeria.

Concerning the performance of various categories of users on Eskimi, he said “social media acquired and retained mobile money users are 9 times more active” than others

- See more at: http://www.nigeriacommunicationsweek.com.ng/e-financial/implementation-of-mobile-money-does-not-have-to-start-from-unbanked-eskimi .TjQwJcIJ.dpuf

Wed, 2013-11-27 00:04 -- superadminAuthor(s): paul adepojuAs opposed to the popular notion that mobile money is majorly for the unbanked, an expert as revealed that the widely accepted notion is not entirely true. Explaining the report of a study carried out on Nigeria’s second largest social media…

27/11/2013

Cash-in, cash-out
November 27, 2013 | Filed under: Columnists | Author: Tayo Fagbule
Nigeria’s mobile financial services landscape is growing, thanks to the high pe*******on of mobile phones. Of Nigeria’s 87.9 million adult population 64.1 percent have a mobile phone.

Though Nigeria is ready for mobile money, the scene is like a jam-packed and scrappy party. Over 20 licensees are eyeing a market that could match the success of M-Pesa in Kenya where 9 million customers transfer an average of $320 million a month.

Mobile money in sub-Saharan Africa has a potential of 134 million customers. Of the 20 countries that use mobile money in the world 15 are in Africa. In Nigeria, the Kenyan model, considered the most developed, has proved difficult to replicate.

Perhaps it’s regulatory ambiguity. The Central Bank of Nigeria (CBN) is not keen on a banking and payment space dominated by mobile network operators. It wants to monitor cash in circulation to ensure price and economic stability.

Could it be habit that has delayed viral adoption of mobile banking? Cash is still the preferred method for transacting, especially among affluent people living in the cities. Many Nigerians still use informal cash payment options.

As with most things Nigerian, mass market, economies of scale, network effect, critical mass etc are the linchpin. Intrepid investors will say it is demographics dummkopf: there are few countries in the world with our market size and growth potential.

Beyond regulatory apprehension and ingrained habits, it’s possible that the problem of mobile banking is infrastructure. Experts reckon that the scalability and sustainability of mobile banking requires at least 10 times the number of cash-in/out outlets i.e. bank branches in the country. Physical proximity to a transactional outlet, a mobile money agent, is a compelling value proposition.

A 2012 survey by Enhancing Financial Inclusion & Access (EFInA) identified that safety, ease of use and proximity of agents are major factors that will encourage adults to adopt mobile money; the nearer the agent, the better. Mobile Money Operators interviewed by the International Finance Corporation (IFC) reckon Nigeria will require 50,000 to 150,000 cash-in/out agents. Given the country’s large market size, the figure isn’t incomprehensible.

However, the total number of available financial access points, whether bank branches, offsite ATMs, microfinance institutes, microfinance banks, savings and credit co-operations, motor parks, mobile money operators and post offices, is perplexingly insufficient.

A recent, though preliminary, study has mapped the financial access points in Nigeria. The study, sponsored by The Bill & Melinda Gates Foundation, puts the total number of access points at 16,538.

Of these, banks, MMOs and motor parks make up 76 percent. Motor parks are an informal means of sending remittances domestically, most often through the drivers of transport companies that ply interstate routes.

To drive mobile money in Nigeria, the central bank has focused on a bank-led strategy. This is understandable. Bank branches and their offsite ATMs account for 40 percent of all access points. In urban areas, the relative percentage of people within 5, 10 and 15km of bank branches is 92.2, 97.2 and 98.2 percent, respectively.UBA, Access Bank, First Bank, and Ecobank have the largest number of branches and each have a mobile money operating license.

Lagos State, with a 1,519 bank branches, also has the highest percentage of adults with bank accounts. Though Abuja has the second highest number of bank branches (358), the percentage of adults with bank accounts is less than that of Imo and Edo States – there are 190 and 195 bank branches in Imo and Edo respectively.

Proximity to a bank is a major concern in rural areas. Transport costs to and from the closest bank in rural areas varies between N50 to N300, more than a SMS text.

Industry experts reckon customers will adopt financial services, if an outlet to cash their money is within 5km – at the moment the total population within 5km of all access points is 47 percent (71m). Based on this yardstick it’s still a long way to reducing financial exclusion from 38.7 percent in 2012 to 20 percent by 2020 (CBN’s target).

Of course, mobile banking isn’t the only route to financial inclusion. There are many ways to make banking a mass-market product. From February 2014, banks are expected to use biometric data to register their customers. Still, will customers travel 10km and beyond to operate a bank account because the paperwork has been reduced to just thumbprints and a picture?

Some think the CBN will change tack. Nigeria banks can huff and puff about a bank-led strategy to mobile banking; their onerous overheads is an impediment to ubiquity. And there are few incentives to roll-out new branches across the country, especially into rural areas. According to Financial Derivatives, a research company, in 2012 Lagos accounted for 73.4 and 74.8 percent of the value and volume of cheques cleared in Nigeria. In its monthly breakfast session at the Lagos Business School, Bismarck Rewane, the CEO, said the value of cheques cleared in Lagos increased to N2.29trn in October from N2.13trn in September.

Soon, banks’ will have to admit that distribution is the problem of mobile money in Nigeria. Banks’ will have to admit that mobile money turns their revenue model of account size and creditworthiness on its head. That mobile money rides on a network of base stations widely deployed by telecoms. That it converts cash into electronic money and transfers via mobile phones. In other words, mobile phones serve as bank cards and point of sale terminal (PoS).

Instead of interest payments, revenue is based on usage. Customer profitability depends on frequency of e-float transactions i.e. total amount stored in e-money accounts and deposited in bank accounts.

Mobile phones are ubiquitous. Coupled with a network of agents, managed by agent network managers, and in partnership with banks, microfinance banks and post offices the adoption of mobile money can be scaled. Scaling mobile money requires an ecosystem of agents, end-users, agents (shop owners, supermarkets or sellers of airtime) and bulk users. Scaling mobile banking also requires investing in the three Ms: marketing, merchant commissions, merchant training.