Mobile Finance

Nigeria’s unbanked targeted by mobile financial services launch

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A new mobile payments service is launching in Nigeria by a consortium focused on increasing mobile payment usage in the country...

A new mobile payments service is launching in Nigeria by a consortium focused on increasing mobile payment usage in the country. FETS (Funds & Electronic Transfer Solutions), a non-bank service provider, has recently been awarded a license by the Central Bank of Nigeria to roll out mobile payment services to the banked and vast unbanked segments (~80%) of the Nigerian population.

The group has chosen Roamware’s Macalla as the mobile financial services platform for its eMoni service, which is now available. The platform will enable mobile wallet and mobile banking services.

“About 80% of the Nigerian population is unbanked. This gap in the banking industry has made people carry around a lot of cash, which increases risk. Globally, we are seeing a cashless revolution. In developed countries it is normal to make most of your daily payments electronically. The policy initiative of the Central Bank of Nigeria to increase mobile payment usage will accelerate Nigeria’s transition to a cashless economy”, said Oluwadare Owolabi, Managing Director, FETS .

“Roamware specialises in mobile financial services, payments and banking and uses a single platform approach with flexible deployment options. The Macalla platform will enable FETS to offer a convenient payment solution to the banked and unbanked Nigerian population that will improve the banking culture of urban and rural populations”, said Ray Kehoe, Director Sales, Mobile Financial Sevices, Roamware.

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