eTranzact receives final approval to operate Mobile Money in Nigeria


November 28, 2011

eTranzact International Plc, a mobile and switching company has been given the final approval to commercially launch the Mobile Money operation by the Central Bank of Nigeria. The approval to commence Mobile Money in Nigeria essentially marks the beginning of mobile payment revolution in the country.

The eTranzact Mobile Money is designed to allow users conduct financial transactions anywhere, anytime. The service is aimed at bridging the gap between the banked and the unbanked. eTranzact Mobile Money service is secure, convenient, cost effective and available for everyone.

According to Mr. Patrick Eregie, General Manager, Mobile Payment of eTranzact, “Mobile Money service has been specifically designed to give access to financial services for Nigerians in low banking coverage areas through the use of mobile phones and to create job opportunities for many Nigerians”.

The mobile money service works on all the GSM networks, extending the capability of the user’s mobile phone into a highly interactive feature-rich payment device. Mr. Eregie said: “This service offers various options such as cash withdrawal, cash deposit, purchase airtime recharge cards, funds transfer (to bank accounts, cards and mobile phones) and bills payment (for Cable TVs, PHCN, school fees, health insurance scheme, etc).

Since inception, eTranzact has been the forerunner of mobile transactions services and has partnered with commercial banks to ensure the smooth running of the Mobile Money operation. The eTranzact Mobile Money is truly the first mobile payment platform and it is positioned to enhance the cashless policy in the country.

Source: Vanguard

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