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Visa Prepares mVisa Mobile Payments Solution Launch in Nigeria

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Visa Inc., the global leader in payments, on Tuesday announced that it is bringing its mobile payments solution mVisa to Nigeria.

The company said that it was in advanced discussions with leading Nigerian banks, and expects to roll the solution out with banking partners to Nigerian consumers before the end of 2016.

mVisa is an innovative mobile payments solution that allows consumers to pay for goods by scanning a QR code on a smart phone or entering a merchant number into their feature phones.

Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.

mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank.

It can also be used to enable consumers who use different mobile phones and services to interact. This brings a versatile and secure mobile money solution, powered by Visa, to consumers everywhere.

“We’re excited by the prospects of mVisa for Nigeria as a mobile payment solution which brings real benefits to drive digital transformation,” said Ade Ashaye, group country manager for Visa West Africa”,

“Because mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware, it gives Nigerian consumers a reliable, secure and convenient mobile payment option.”

Robert Giles, head of Retail Banking for Diamond Bank, said: “As a bank committed to bringing unrivalled customer experiences, we’re incredibly excited about mVisa and its potential for our customers in Nigeria. The service enables people to engage in secure, digital commerce, and access funds more easily in their bank accounts to make everyday purchases. mVisa increases the opportunity to include more Nigerians into the formal financial system, which will help the economy, and society grow.”

Financial Inclusion Benefits
mVisa will be available for both smartphone users and consumers using basic feature phones, with the potential to provide a mobile payment service to nearly all 150million1active mobiles phones in Nigeria. Consumers can also use mVisa agents for domestic remittances as well as to access their cash if there is no ATM network.

These features accelerate financial inclusion, a core objective of both the Nigerian government and Visa. This is also in line with Visa’s 2015 commitment to the World Bank to bring the benefits of Visa and electronic payments to 500 million more people globally by the end of 2020.

Merchant, Software Developer Support
Merchants also benefit from mVisa. Recent data2suggests that the informal economy, which refers to economic activity that is often cash-based and goes unreported, represents up to 60 percent of Nigeria’s economy.

Visa’s research indicates that most consumers, even those who are more affluent, do much of their daily shopping at informal traders and open markets.

mVisa allows informal traders to accept electronic payments in a cost-effective way, without the need for point of sale terminals.

Merchants are able to receive payments directly into their bank account within minutes of a consumer making a payment. Unlike other mobile payment solutions, mVisa supports the well-established process to handle refunds and charge backs for consumers.

mVisais available with software developer kits (SDKs) and access to Visa APIs, allowing banks and programmers to build additional solutions to help address local payment needs. Click here for further information.

Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.

The company operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.

 

 


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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.

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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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