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PocketMoni Processed 1.8m Transactions Worth $600m in 2013

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eTranzact, in 2013, company processed over $600 million which accounted for over 1.8 million transactions on PocketMoni and related services.

The Company’s effort in mobile began in 2003 long before mobile money was finally introduced in Nigeria.

Mr Ayo Oladimeji, Head of PocketMoni at eTranzact said that the Company always believed that mobile would be at the forefront of payment innovation and had a dedicated team working on research and development.

This led to pioneering research that kick-started the mobile banking sector in Nigeria and eventually birthed “PocketMoni”, the mobile money service.

PocketMoni was approved by the Central bank of Nigeria in 2012, and has acquired a customer base of about 1.1 million users, with a robust agent network of over 4500 agents across Nigeria, and has leveraged on innovative technology in delivering to the different bands of the financial pyramid.

The service has won a series of awards and grants, the most recent one coming from EFInA, a financial development organisation which is funded by the UK Government’s Department of International Development (DFID) and the Bill & Melinda Gates Foundation to the tune of $250,000.

As part of the terms of the grant, eTranzact will also put in $100,000 and will drive the execution of a mobile money project called the “PocketMoni 500” in North and South Western Nigeria.

According to eTranzact, with low internet penetration a major challenge to the adoption of mobile money in Nigeria, the key value proposition of eTranzact’s PocketMoni is ubiquity; being able to send, receive money and make payments using USSD, SMS, GPRS/lnternet and the web.

Oladimeji, said that security is a key feature that distinguishes PocketMoni from other products, with its seamless two way authentication that ensures fraud is minimized or non-existent.

The company has entered into several partnerships that have positioned it to be better for the population.

It has achieved direct fibre optic connection with 5 GSM and one CDMA operator which ensures that it can withstand high capacity traffic and minimizes transaction failure which has helped deliver premium user experience.

Partnerships with the two biggest international remittance organisations enable users to receive international payments on their mobile devices.

Also, a version of the product called “PocketMoni Global” has been developed to work in over 50 countries and allows airtime recharge, money and bank transfers in those countries.

The Head of PocketMoni at eTranzact added that key to adoption of the product has been the number of platforms available for users to carry out transactions.

“Users can use the USSD/IVR, and Smartphone Apps across all app platforms. Users also get prepaid and debit cards that allows them carry out transactions on ATMs and online.

Speaking on the recent nomination of the Company for awards, he said, “It’s a big honour for us to be nominated in such a prestigious category at the AfricaCom Awards 2014. eTranzact has been in operations since 2003, and early enough our CEO, Mr Valentine Obi who many describe as the Father of Mobile Payments in Nigeria, understood the importance of leveraging technology to make payments easy.

“This led to many of the innovative offerings that eTranzact has come up with over the years.At various times, we had gone to the Central Bank with several electronic payment initiatives, but the state of technology at that time slowed down the kick off of those initiatives, but with improved technology and the attentiveness of the Federal Government and CBN, today the cashless policy is becoming a reality”.

He added that the Company believes this is only the beginning and look forward to achieving more greatness with its mobile money service.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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