Virtual Terminal Network (VTN), a mobile payment company in Nigeria, recently announced plans to launch VCASH, a mobile payment service that recently received approval from the Central Bank of Nigeria (CBN), the country’s financial regulator.
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MICROCAPITAL BRIEF: First Bank of Nigeria, Computer Warehouse Group (CWG) Launch Firstmonie Mobile Money Service
First Bank of Nigeria, a commercial bank based in the Nigerian state Lagos, recently launched Firstmonie Mobile Service in collaboration with Computer Warehouse Group (CWG), a Nigeria-based information technology utility provider.
MICROCAPITAL BRIEF: To Boost Usage, Mobile Money Service Providers in Nigeria Told To Focus on the Unbanked
A representative of the Nigerian arm of Accenture, a consulting firm with its headquarters in Dublin, Ireland reportedly has advised mobile money service providers in Nigeria to re-strategize their operations so as to increase patronage of their services.
MICROCAPITAL BRIEF: Etisalat Rolls Out Mobile Money Service in Nigeria
Etisalat Nigeria Limited, the local subsidiary of Emirates Telecommunications Corporation of the United Arab Emirates, recently unveiled its “Easywallet” a mobile money system.
MICROCAPITAL BRIEF: Central Bank of Nigeria, Nigeria Deposit Insurance Corporation Designing Mobile Payment Insurance Coverage
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) are reportedly in the process of designing an insurance mechanism to protect customers of mobile payment operators.
MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria
MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria.
MICROCAPITAL BRIEF: Mobile Money Service Paga Receives $2m Grant from Enhancing Financial Innovation and Access (EFInA) to Promote Financial Inclusion in Nigeria
Nigerian mobile financial services platform Paga has received a USD 2 million grant from Enhancing Financial Innovation and Access (EFInA), a development organization based in Nigeria, to develop low-cost financial products and distribute them through Paga’s agent network.
MICROFINANCE PUBLICATION ROUND-UP: Geographies of Need and Microfinance Providers in Nigeria, Role of Government in Financial Inclusion, Mobile Money Service and Poverty Reduction in Kenya
“Exploratory Analysis of Local Geographies of Need and the Proximity of Microfinance Service Providers in Nigeria;” Dr Adegbola A Ojo and Scott Gaul; published by Microfinance Information Exchange (MIX); January 2012; 14 pages; available at: http://www.themix.org/sites/default/files/MBB- Exploratory Analysis of Local Geographies of Need and the Proximity of Microfinance Service Providers in Nigeria_0.pdf
MICROCAPITAL BRIEF: FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat Nigeria to Partner On Mobile Money
FirstBank of Nigeria PLC (FirstBank), a financial service provider in Nigeria, has signed a memorandum of understanding (MoU) with Airtel Networks Limited (Airtel Nigeria), Globacom Limited Nigeria (GLO) and Etisalat Nigeria, three mobile phone service providers, to work together in an effort to provide secure, affordable and user-friendly mobile financial services in Nigeria.
MICROCAPITAL BRIEF: Fortis Mobile Money to Enable Mobile Phone Banking for 180 Members of Nigeria’s National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG)
The National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG) of Nigeria has signed a memorandum of understanding with Fortis Mobile Money, a mobile money operator licensed by the Central Bank of Nigeria, to enable NAMBLAG’s 180 microfinance bank (MfB) members to offer mobile banking services to their customers.
MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda
Visa Incorporated (Visa), a US-based payments technology company, has recently announced that it is offering under-banked consumers in developing countries prepaid, globally interoperable electronic payment accounts.
MICROCAPITAL BRIEF: GloMobile Nigeria, TransferTo Launch Top-Up Service in Nigeria, Allowing Customers to Send, Receive Mobile Phone Airtime Internationally
GloMobile Nigeria, a Nigerian telecommunications company, and TransferTo, a Singapore-based global airtime remittances company, have announced the launch of the GloMobile International Airtime Transfer service, which allows for the transfer of prepaid mobile phone airtime between any GloMobile customer in Nigeria and approximately3.6 billion customers of 230 partner mobile network operators in 80 countries.
MICROCAPITAL BRIEF: Central Bank of Nigeria Issues Mobile Money Operating Licenses to Affiliate of Fortis Microfinance Bank, 10 Other Companies
The Central Bank of Nigeria (CBN) recently issued operating licenses to 11 mobile money firms, namely: Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi. The operating license allows the companies to provide products such as electronic payments through mobile phones.
MICROCAPITAL BRIEF: Articles From UK’s The Guardian, Nigeria’s Business Daily Online Praise Potential of Mobile Banking, Microfinance Across Africa
According to a recent story published by The Guardian, a British newspaper, the African continent is now home to more than 500 million mobile phones and is experiencing a wave of innovation in the field of mobile banking.
MICROCAPITAL BRIEF: Nigeria’s Guaranty Trust Bank (GTBank) Partnering with Mobile Telecommunications Network (MTN) to Offer Mobile Banking
Nigeria-based Guaranty Trust Bank (GTBank) has partnered with Mobile Telecommunications Network (MTN), a telecommunications provider based in South Africa, to offer mobile banking services in Nigeria.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) May Invest in Nigerian Mobile Money Industry
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, is reported to be conducting due diligence on the Nigerian mobile money industry. Mobile Money Africa, a Nigerian-based online mobile financial inclusion news source, reports that IFC is “keen to play a major role in the country’s emerging mobile money ecosystem and was currently evaluati[ng] opportunities [in]…technology acquisition, e-Float management and agency networks” [1]. To address the lack of financial access in the country, the Central Bank of Nigeria has granted licenses to 16 mobile money companies in an effort to encourage growth in this industry.
MICROCAPITAL BRIEF: Goodwell West Africa Invests in Nigerian Mobile Money Service, Paga
Goodwell West Africa, a branch of Goodwell Investments of the Netherlands, has invested an undisclosed amount in Paga’s mobile money service with approval from the Central Bank of Nigeria.
MICROCAPITAL BRIEF: Emida Integrates Cash and Transact(TM) and Debisys Platform, Launches Mobile Wallet Service in Nigeria, Plans to Roll Out to 37 Countries
Emida, a company based in California that specializes in global prepaid and value transfer solutions, recently announced the integration of its Cash and TransactTM (CATTM) Mobile Wallet platform with its Debisys Top-Up platform, which will enable customers to load cash to their phones and make payments to retailers that support Emida systems.