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Wema Bank launches Cash on the Go product

Category: Investors NewsBeat

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Wema Bank launches Cash on the Go product

Jun 7, 2010 By Babajide Komolafe

Wema Bank has expanded the frontier of electronic banking with the introduction of a new product Cash on the Go. Speaking at the media launching of the product  on Friday, Executive Director, Corporate and Investment Banking, Mr. Ademola Adebise  explained that  Cash on the Go is a mobile electronic product that allows a Wema Bank customer authorize a beneficiary to go to any Wema Bank ATM and cash money without using a debit card or account with any bank.

He said, “All the beneficiary needs to have is information that will be received from two sources The transaction amount and a system generated reference code that will be received  by SMS.An access code selected during the transfer by the sender and known to the sender alone will be communicated by the sender. The cash cannot be picked up without this access code.

On the features of the products, he said, “Senders must be Wema Bank account holders and have WemaMobile running on their GPRS enabled mobile phones.  Beneficiaries need not be account holders or cardholders of any bank. All they need is a mobile phone. It can be used for up to five  transactions can be done daily, and Up to N20,000 can be sent per transaction while beneficiaries must pick up cash within 48hours of the sending.

He said the product have lots of benefits to both the sender and the beneficiary. He said it offers to the sender  Convenience _ As long as there is network coverage in an area, money can be transferred from the mobile phone; Security _ Funds are secure; The sender does not have to transport any cash.The transfer is electronic and is online realtime; The cash cannot be accessed by the beneficiary without the sender communicating the access code selected during the transfer; The PIN needs to be inputed before a transfer can be completed. The product he said also helps to meet emergency needs saying , “Where cash needs to be accessed either by the sender or a third party and there is no debit card available, the sender can quickly send to himself/herself and cash the money.”

The benefits of Cash on the Go to beneficiaries,  he said are; 24/7 availability _ Cash can be picked up at any Wema ATM 24 hours a day, 7 days a week, 52 weeks a year; All Inclusiveness _ Not having a card or account does not exclude the beneficiary from receiving cash; Instantaneous Cash _ the beneficiary receives the information for the pickup instantly as the sender sends;All the channels are online and hence the beneficiary can receive value instantly; Free of charge _ the whole transaction is free of charge to the beneficiary.

He said for members of the banking public who are not Wema Bank customers to enjoy Cash on the Go, they  should open an account at any Wema Bank branch, “Take your GPRS enabled mobile phone to the branch. The customer service personnel at the branch will guide you through the brief setup process”


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