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eTranzact Powers ePayment 2.0 with #TheNewPocketMoni

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Electronic transaction switching and payment processing company, eTranzact has unveiled a new mobile money platform called #TheNewPocketMoni, dumped a revolutionary application in the Nigerian e-Payment industry.

Ike Eze, executive director, Strategy and Corporate Development, eTranszact and Bunmi Ogunlewe, head, Product, both from eTranzact led the team demonstrating the features the company’s new innovation during the unveiling at ccHub Experience Centre, Lagos.

 “Can you imagine withdrawing money from an ATM without a debit card? Yes this is some of the feature this new innovation has. From Money transfer, Airtime purchase, Salary Direct deposit, Bill payment, Cash-out at ATMs and Bank- like standing orders, these can be done on the phone after the application has been downloaded. 

The app comes with a user friendly interface plus a very easy registration process, in simple term the phone is now the wallet and daily, weekly and monthly transactions can be done there at any point in time 24/7.

The NewPocket Moni has new great features like Paylist, Send Money, and Pay Bills& Buy Airtime.

The Paylist enable users to set payment-the amount, the date to pay, and the recurrence. It notifies the users and then makes the payment according to the set schedule.

With the Paylist feature use can take advantage of an Automated payments-create and schedule payment profiles, pay for data services (Smiles, swift, telcos), Cable Subscriptions (DStv, GOtv, Startimes), Parents, or family, friends, employees, health clubs, insurance companies,  and so much more.

“We find out that they are banks out there, they charge you fees, PocketMoni gives you a lot of controls, consumers have tools at their disposal, so that they will be more in control of what they do, how they do it? When they do it? We think direct pay cheque deposit is a fantastic thing, if you look at it from a small enterprise, a small enterprise can have three employees, five employees, six employees you can use our referring paylist features and pay workers every month and you can pay direct into PocketMoni account or something else. It is highly convenient 24 hours a day, 7 days a week, Banks don’t need to open, you can go ahead and use it without the Banks being opened and now your phone is your wallet” Eze explained.

With #TheNewPocketMoni, users can use the cash @ATM function in the app to send cash to anyone (including yourself) at any FCMB (First City Monument Bank) ATM.

Also, neither card nor account is required for the ATM to dispense cash to the recipient through the app using the cash@ATM function.

The recipient enters the code received and a secret PIN into any FCMB ATM and gets instant cash, no card or account is required.

Eze revealed that the platform is secure, convenient, cost effective and the process transaction is similar to that of banks, and all Central Bank Of Nigeria’s (CBN) directives are also followed but they are not interest seeking like most banks and not out to compete with Commercial banks but their priority is to reach the unreached market and unbanked publics with technology innovation that better lives.

On security, he said the platform is safe and convenient and all fraudulent loopholes have been bridged and if a user suspect that his or her account has been compromised, he or she should report urgently.

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Ecobank Announces Plans to Phase Out Naira Denominated MasterCard

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Ecobank Nigeria has announced plans to phase out its Naira-denominated Mastercard debit cards, with a transition period scheduled to run from July 29 to September 29, 2025.

Ecobank Announces Plans to Phase Out Naira Denominated MasterCard

The bank disclosed the development in a message sent to customers on Wednesday, urging account holders to switch to a Verve debit card available free of charge.

According to the notice, the bank’s decision is part of a broader effort to enhance security and ensure smoother digital transactions for customers.

“As part of our ongoing commitment to delivering secure and efficient banking services, we will be phasing out the Ecobank Naira Mastercard,” the statement read.

“In its place, we are pleased to offer you a free Verve debit card to ensure a seamless transition.”

The bank said the Mastercard deactivation would take full effect from September 30, 2025, saying that customers are therefore advised to collect their Verve cards before the deadline to avoid service disruption.

Ecobank also assured customers that the new Verve card would support payments across several digital platforms, including Google Play, YouTube, TikTok, Spotify, Netflix, Prime Video, AliExpress, Zoom, Microsoft, LinkedIn, Starlink, Audiomack, and Uber.

“It will also remain functional for ATM withdrawals and Point-of-Sale (POS) transactions nationwide.

“To obtain the replacement card, customers are instructed to visit the nearest Ecobank branch, request the Verve debit card, and collect it at no cost,” the bank said.

The move follows a growing trend among Nigerian banks to prioritise local card schemes like Verve, which are often more cost-effective and resilient to international payment disruptions.


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E-Financial

CBN Explains Mass Redeployment of Staff

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Central Bank of Nigeria  (CBN) has dismissed claims that its recent redeployment of staff from Abuja to Lagos State was politically motivated.

CBN Explains Mass Redeployment of Staff

Muhammad Abdullahi, deputy governor, economic policy, made this clarification known at a two-day Interactive Session on Government-Citizens Engagement in Kaduna on Wednesday.

Recall that the CBN  had in 2024 rolled out its Early Exit Package (EEP).

As part of the policy, the apex bank reduced its staff strength in Abuja Headquarters.

The decision had been greeted with controversy, with some critics claiming the move was targeted at the banks’ workers from Northern Nigeria.

However, Abdullahi has clarified that the policy was not targeted at anybody.

He noted that a recommendation from the banks’ insurance provider concerning workplace safety triggered its decision to decongest its Abuja headquarters.

“It is not an agenda against anybody,” he stated.

He said, “Some of those staff members taken to Lagos and Kaduna are now so happy they don’t even want to come back to Abuja.

He also dismissed claims that CBN deliberately removed 16 directors, particularly from the Northern region.

“There are many directors from the Northern region currently serving in the bank,” he stated.

He stressed that the son of the country’s secretary to the government of the federation was also redeployed from Abuja to Lagos.

“The son of the Secretary to the Government of the Federation was also moved from Abuja to Lagos. Nobody was spared—it is a policy of the bank,” he stated.

 

 

 


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E-Financial

Banks Reopen Naira Card Payments for International Tuition Fees

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Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.

Banks Reopen Naira Card Payments for International Tuition Fees

Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).

The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.

This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.

In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.

“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.

To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.

GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”

Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”

In a similar notice,  Lotus Bank also informed customers of processing international fees using its facility.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.


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