list of organization in nigeria license for mobile money transaction
mobile money business in nigeria is fast becoming the order of the day as everything hs now gone online mobile and as an agents or owner of pplatforms you can also make money from affiliate in nigeria aside from quick teller or remitter.
You can transfer money and pay other bills with your phone using the mobile money e-payment solution. The CBN brought about this cashless economy and in this article we shall be looking at mobile money in Nigeria.
The CBN has licensed several providers to offer cashless services in Nigeria. Some of these providers include Mtn Mobile Money, U-Mo Mobile Money, Pocketmoni and QikQik Mobile Money.
Glo Text Cash was not mentioned because we can’t say for such if it is ready. We can find any info about the Glo Text Cash on their website. And also all our correspondence to them has not being replied. When they are ready we believe they’ll let us know.
MTN and Glo run on U-Mo Mobile Money service as value added services.
How does Mobile Money Work
With mobile money your phone becomes a means for storing money, an e-wallet. So you can use this method to transfer or received funds or also make electronic payments. And off course you can pay for goods and services using your e-wallet.
For you to use this you have to fund your wallet, just like you have to put some money in your real life wallet to be able to bring money out of it. This you can do through ATM, banks and of course authorized mobile money agents. However apart from paying bills, you can also get cash from your e-wallet, using banks and other authorised outlets. For using this services their might be a fee.
Operator Branded Mobile Money
These are services provided by network service providers. Although mobile network providers offer mobile money services, they are not licensed for such services. They partner with licensed operators to make this possible.
Network operators are able to do this because they already have subscribers and of course recharge card dealers and other agents that can carry out these services for them. MTN Mobile Money is a good example of an operator branded mobile money.
Mobile operator branded mobile money has some advantages. Such as the fact that this feature always comes with the sim card. And it can be used by its subscribers independent of the kind of phone the person uses.
However the disadvantage is that only a few banks have been partnered with and also you have to be a subscriber on a certain network for you to be able to use it.
We are not sure whether money can be sent across different mobile money agencies. However if we are to truly go cashless, then the CBN has to ensure some uniformity.
Provider Branded Mobile Money
There are some companies licensed by the CBN to provide mobile money services. They partner with networks and financial institutions to be able to do this.
The up side to this is that they partner with a lot of banks and you do not require being a subscriber to a certain network to do this. Therefore this is open to everyone and more efficient.
The disadvantage is that you’ll need a compatible device to be able to use this, as you’ll have to download the app, using the internet.
PocketMoni, QikQik, U-MO Mobile Money are all examples of provider branded services.