E-Financial
Mobile Money: Next Global Communications Platform
Mobile money is on a journey. What started as a simple way of paying people using a phone is on the cusp of becoming the next global communications platform. Not just a means of buying goods and services, but a way of connecting with other human beings.
To understand what is coming next, we need to look back at where this journey began.
Long before coins and paper money existed, people exchanged handwritten notes that contained a promise to pay, including details of how that payment would be made, the timescale and other terms. The dialogue was far richer than we see on today’s banknotes.
Eventually nations developed their own formal monetary systems. However, they remained fundamentally local dialects. Some countries opted for Dollars or Dinars, while others knew only Francs or Shillings.
When the time came to move money between countries, it was a messaging company – the telegram operator Western Union – that took care of the movement and the ‘translation’ from one currency to another.
The arrival of mobile money services in the early 21st century marked another step forward, but these too were local.
Today there are more than 260 different mobile money services internationally, and few are interoperable.
Our company, WorldRemit, is performing the role of translator – enabling people around the world to send money instantly from their smartphone to EcoCash, M-Pesa, MTN Mobile money, Airtel Money, Tigo Pesa, Zaad and others.
In fact, we offer transfers to more mobile money services than anyone else.
The speed and convenience of a true mobile to mobile service has proved incredibly popular with diasporas sending money home.
More than half of all WorldRemit money transfers to Africa now go to mobile money accounts.
And we are seeing fascinating behavioural trends emerge. People are using mobile money transfers more like they use instant messaging than traditional remittance services.
In those countries where we offer both cash pickup and mobile money transfer, people send smaller amounts to mobile money (average $100 vs $200+), but they send much more often (average 3x per month vs 1.5x).
Why these radically different sending patterns? Our customers have answered that question.
Rather than sending lump sums once or twice a month for general expenses, they are sending money to mobile wallets in response to specific requests – buying groceries, a household bill, a meal – following conversations with their recipient.
They do this, because they can. With WorldRemit, the money is transferred instantly and costs as little as $1.50.
As one WorldRemit recipient, Stellah in Uganda said, “it feels like someone is just next door to you, just in case you need something”.
We call this phenomenon the ‘WhatsAppification of money’, where financial support becomes part of a constant conversation between sender and recipient.
The rest of that conversation is taking place on mobile messaging apps such as WhatsApp, Viber and Facebook Messenger. In a recent WorldRemit customer survey, 42% of people said they discussed their transfers over instant messaging.
So instant messaging is both a metaphor for the way people now send money internationally, and a companion app to WorldRemit.
Alongside this, we are seeing the appearance of a mobile money ecosystem – local at first, but gradually internationalising. People are building products and services connected to, and working with mobile money.
M-Changa, a social giving service, allows people to donate to good causes using their mobile money account. Recipients collect their funds in the same way.
Off-Grid Electric is a California and Arusha-based company providing affordable solar energy to rural communities in Tanzania. Their service is made financially viable because, rather than sending agents door to door to collect payments, customers can take advantage of flexible payment plans via their mobile money account.
Increasingly, this mobile money ecosystem will include international participants. We will see more innovative startups adding greater functionality and global reach to mobile money through intermediaries like WorldRemit.
Meanwhile, local telcos will expand the reach of their brands overseas. Our partner EcoNet in Zimbabwe already co-markets itself with us using the EcoCash Diaspora name.
All of these services have one thing in common – they use mobile money as a means of better connecting people, bringing them closer together and improving lives.
What is that, if not communication?
Alix Murphy is Senior Mobile Analyst, WorldRemit
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
Mr Thompson Sunday, managing director and chief executive, NDIC, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System (NIBBS) and customers’ Bank Verification Numbers (BVN) for the payments.
He said the NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
He said the NDIC automatically became the provisional liquidator after the revocation, in line with the law.
Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.
He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.
Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of the NDIC’s prompt reimbursement efforts.
He said insured depositors of Heritage Bank were paid within four days of the revocation of its licence.
He added that customers of Aso Savings and Union Homes received payments within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria (CBN) revoked the banks’ licences for failing to meet regulatory requirements for continued operations.
The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.
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