Mar
24

Mobile money now goes to Nigeria

Mobile money has now reached Nigeria through Monitise.

This new service will allow the unbanked population to deposit, withdraw and transfer money through a network of approved agents. The pilot phase of the project has covered four cities and 11 rural locations in four states.

Those that subscribe to this service can have their money deposited by agents at the branches of Afribank, the first Nigerian banking partner of Monitise. Subscribers, once they register, can access Monitise Mobile Money through the browser on their mobile phone. This service is available across all mobile operators.

The provisional license to Monitise has been provided by the Central Bank of Nigeria and the full license is expected to be granted in May 2011. As per Prateek Shrivastava, MD – Monitise Africa, Monitise will look to service a large part of Nigeria that doesn’t have a physical banking infrastructure. Monitise will now give them a full range of choices in mobile banking.

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