Mobile Money - Ease at your fingertips

What is Mobile Money

Mobile money is a secure payment service that enables you to pay for goods and services, receive money, transfer money, buy airtime using your mobile phone.

Mobile money transforms your mobile phone into an electronic wallet (e-wallet) which is linked to your bank account. This e-wallet gives you the power to make mobile-based instant payments either by transferring money to your friends and family or buying airtime or paying for bills, you can now do all that stuff with just your mobile phone.

Mobile Money & Governance

Mobile Money services in Nigeria are regulated by the Central Bank of Nigeria (CBN) and as such they get to create guidelines to ensure the rapid growth and adoption of the system by Nigerians.

CBN is responsible for licensing mobile money operators in Nigeria. We currently have about few mobile money operators in Nigeria fully licensed by CBN.

● GTBank Mobile money

● MTN Money

● GTPay

● First Monie

● Paga(my paga)

Some of these mobile money operators may have shut their services down.

Mobile Money Models in Nigeria

In Nigeria, mobile money operators are divided into 3 models by operations:

Bank-led model

Non-bank model

Operator branded model

Bank-led model

This model is centred around a bank or group of banks seeking to deliver payment services leveraging on the mobile payment system. This license is for bank or group of banks alone.

Non-bank model

This gives the opportunity for corporate organizations to deliver mobile payment services after fully licensed by Central Bank.

Operator branded model

This is a model used by network operators like MTN to their subscribers adding value to them by providing them with a convenient way of paying for goods and services using your mobile phones.

Network operators don’t have licenses but through partnerships with licensed mobile money providers, financial institutions like banks, payment processors they can offer mobile money services to their customers.

Benefits of Mobile Money to the Customers

Mobile money is a secure mobile payment service solution. What are the little benefits users and customers can get from using the platform?

Convenience

An easy way of registering

Easy to use through shortcodes, SMS, USSD and so on.

Security and Privacy of transactions

Access to real-time fund details

Ability to execute transactions quickly and easily

By John Chsiom Ike