Nigeria

Unified Payments launches Payarena

APRIL 092014 PRESS RELEASE Unified Payment Services Limited the leading Payments Industry Service Provider announces the introduction of a new service platform Payarena Payarena offers customers access to Value Added Services which include purchase of Airtime Virtual Top Up Prepaid PINs Blackberry subscriptions Data bundle plans etc for all Telcos in Nigeria payment of bills to major service providers such as PHCN DSTV GOTV Swift Networks etc Italso offers payment collections platform for public institutions for collections of taxes levies corporate organizations and religious institutions for collection of tithes and offerings etc...[...read more]

Filed Under Nigeria

600,000 MTN Nigeria, Airtel Subscribers Buy Microinsurance i

APRIL 082014 FINANCIALTECHNOLOGYAFRICA A whopping 600000 microinsurance products have so far been sold within six months through subscriptions to MTN and Airtel mobile telecommunications networks National Insurance Commission NAICOM s Deputy Director of Authorization Policy Mr Leo Lekan who disclosed this said MTN and Airtel get 100000 subscribers every month for microinsurance since October Airtel Nigeria offers the microinsurance products in partnership with FBN Insurance The product is called Padi4Life Padi4Life is an affordable airtimebased insurance It is a simple and convenient way to access affordable life protection plan wi...[...read more]

Filed Under Nigeria

Nigeria: Making Mobile Money More Effective

APRIL 082014 THISDAY NEWSPAPER THE DISCOURSE A recent survey that showed that 37 per cent of Nigerians are not aware of mobile money and as such do not use the payment platform is worrisome According to the report by Philip Consulting out of the remaining 63 per cent respondents that knew about mobile money 31 per cent were between the ages of 26 and 35 and constituted the majority Also 15 per cent were between 36 and 45 years 10 per cent between 18 and 25 years five per cent between 46 and 55 years and one per cent each for the under 18 and over 55 years age group The result of this survey demonstrates that although most of the r...[...read more]

Filed Under Nigeria

Nigeria:Interswitch And Western Union Introduce Account-Base

APRIL 032014 Interswitch Ltd an integrated payment and transaction processing company in partnership with Western Union introduce an accountbased money transfer service to Nigeria The collaboration enables customers to receive Western Union money directly into their bank account through the Quickteller website or via their banks internet banking website The Accountbased money transfer service ABMT service has gone live with GTBank StanbicIBTC and Wema Bank while First Bank United Bank for Africa Skye Diamond Enterprise and Access are currently in the process of implementing the service Quickteller services can be accessed thro...[...read more]

Filed Under Nigeria

UK based Transferbee launches free transfers to Nigeria

APRIL 032014 PRESS RELEASE Transferbee enables Nigerians living in UK to send money to their family and friends in Nigeria cheaper than through banks or other systemsThe company is normally charging only 45 pounds for the transaction Today the company announced that there will be notransfercharge untilMay 1st After our initiallaunchwe continued to build the product and offered the best conditions in the market to send money from UK to Nigeria In order to invite even more people to try out our service we are offering free transfers for all April period Titas Bledis CEO ofTransferbeetalked about the campaign Transferbeealso signed a...[...read more]

Filed Under Nigeria

Nigeria:CBN Moves to Eliminate Inefficiency in Payment Syste

APRIL 032014 THISDAY As part of efforts to enhance the efficiency of the payment system the Central Bank of Nigeria CBN has introduced an electronic reference eReference portal for the industry The solution is also expected to fasttrack account opening processes of Nigerian banks The central bank said the policy takes immediate effect The eReference system is a web based automated document management system designed to process customer account references and is capable of eliminating the inefficiencies characteristic of the old ways of manual reference processing system A circular signed by the Director Banking and Payment System Depar...[...read more]

Filed Under Nigeria

Nigeria: Bank fined N245 Million for Violating Cashless Sche

MARCH 272014 Central Bank of Nigeria CBN has revealed that a prominent deposit taking bank in the country was fined a huge sum of N245 million in 2013 for violating the cashless scheme directive Director Banking and Payments System Department CBN Mr Dipo Fatokun who disclosed this recently did not mention the name of the bank or the section of the cashless regulation it breached He however disclosed that the bank paid the fines and apologized to the regulatory bank for the infraction It is imperative to note that it is our collective responsibility to ensure the success of the cashless initiative due to its enormous benefits to the ...[...read more]

Filed Under Nigeria

Contrarian Approach to Mobile Money Builds Trust to Win the

MARCH 252014 PETER OJO CEO VETWORK It took 10 years to become an overnight success says CEO Peter Ojo A quiet egroundswell out of Ibadan Nigeria is getting a lot of attention from ordinary folks with epayment needs VTNetwork Limited or VTN has been an ecommerce payments provider for years in Nigerias chaotic market These days there is a lot of noise announcements and confusing overlapping messages from many firms attempting to deliver epayments to Nigerians Some of these stakeholders are capable but many new entrants have a superficial understanding of the available network in Nigeria and the functional components of the payments e...[...read more]

Filed Under Nigeria

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