Monitise granted licence to bring mobile money to Nigeria

The Monitise technology platform is designed to be shared by various banks and payment providers, enabling them to be able to offer mobile payment services under their own brands. Monitise, with its local partners, has set up a network of agents in Nigeria that can be utilised by banks and payment service providers to offer branchless banking services to both the banked and unbanked.

As the Monitise network grows by attracting more banks, agents and merchants, people in the community will have a genuine choice of financial services, thereby facilitating financial inclusion within the economy.

Monitise received a provisional licence in December 2010 and successfully launched a mobile payments pilot in four cities and 11 rural locations, earlier this year.

Within the trial, the Monitise pilot attracted c7,000 users, handled payments totalling more than 25 million Naira (£100,000) and created nearly 170 local jobs through its network of approved agents and support staff.

Using the service, allows consumers to securely:

•             register for the service via their handset

•             deposit money at a registered agent

•             send money to others, regardless whether the recipient is registered or not

•             top up airtime for their prepaid mobile

•             pay salaries to staff and employees

•             withdraw funds at a registered agent

•             check transaction histories

The next steps are to enable Nigerian banks and other financial institutions to provide mass market mobile phone based financial services including loans, insurance, pensions products and savings. This platform truly increases access to financial services without needing to build and operate bank branches across the country.