Lagos, Nigeria: Intercontinental Bank and MoneyBox Africa have unveiled a new mobile money initiative which would redefine the concept of mobile banking in Nigeria and cater for the large pool of the unbanked.

David Kaye, Managing Director, MoneyBox Africa, says the partnership between the two firms is informed by the desire to ease the process of banking, adding that reaching the bottom of the pyramid (BoP) in banking which has been a challenge will be addressed with the innovation MoneyBox is bringing to Nigeria.

According to him, opening a new bank branch could be capital intensive and less rewarding, especially in areas not so densely populated, stressing that it takes a minimum of 18 months before the banks could start to break even.

Kaye identified MoneyBox Stored Value Account (SVA), MoneyBox Quick Save and Account on the Street as the products the firm had test-run with success with the bank. He says one of the overriding advantages of the new payment system is that it will allow the user to save money even after the close of regular banking hours with the bank. Users can also make withdrawal without recourse to the use of automated teller machine (ATM) cards.

Mohammed Lai Alabi, Group Managing Director, Intercontinental Bank, expresses delight at pioneering another innovative platform through which a cashless society will be born.

“Today, Intercontinental Bank unveils its partnership with MoneyBox Africa, Nigeria’s first ever CBN approved mobile money operator with a secure, Nigerian Communications Commission (NCC) mobile money short-code and supported by the Nigeria Inter-Bank Settlement System (NIBSS). It is compatible with all the telecommunication operators,” he says.

He adds that the bank was proud to be associated with the innovative e-banking inventions after blazing the trail by deploying Verve card to secure its ATM and other online transactions. It is also pushing the frontiers of mobile banking e-banking products like Visa cards, Master cards, internet Banking and i-mobile among others.

He identified strategic decongestion of the banking halls and mobilisation of deposits without having to deal with increased customer traffic and its associated crowd control issues as the advantage of the new mobile payment and savings platform.

“This mobile money transfer service puts you in control of your financial transaction-making it possible to execute everyday transactions using any mobile phone, anywhere, anytime on any mobile network and by any individual.

Customers can open Accounts on the Street, deposit money directly into bank accounts, top-up phone air time, pay utility bills and insurance, get access to loans and make investment,” the group managing director explained.

According to him, MoneyBox boasts of partnership with Paybox of Germany, African Enterprises Challenge Fund (AECF), UK’s Department for International Development (DFID), eTranzact, Interswitch and others, adding that in terms of security it has a secure NCC mobile money shot-code and it is supported by the NIBSS and delivers immediate transaction confirmation to senders and receivers thereby boosting relationship between lenders and borrowers.

 

 

 

 

 

 

.