BeepTool, an indigenous tech start-up based in Lagos, Nigeria, has unveiled m-naira App, a mobile app designed to bridge the gap in financial inclusion, mobile payment and remittance space.
The revolutionary Financial Technology (Fintech) app, unveiled during the weekend, was seen by industry watchers and stakeholders as a timely intervention in the mobile payment ecosystem, contributing to the country’s stride towards a full cashless economy.
The m-naira App came at a time Nigerians in the Diaspora are said to be sending up to $24 billion annually to Nigeria. And at an average cost per transaction of 11.89 per cent, Nigerians are said to be spending more than $7 billion in fees.
But, the new app was designed to be the fastest, cost effective and most secured way to send and remit money home directly to a bank account or mobile wallet. The m-naira app is also designed for paying bills for family and friends from any part of the world.
Speaking to newsmen, Co-founder & Business Development Manager, BeepTool CIS Limited, Mayowa Ihinmikaiye, said: “m-naira App is a value sharing and money transfer services platform that interconnects all Nigerian bank accounts, mobile wallets, and billing systems to deliver instant remittance services to Nigeria from anywhere in the world.
“Whether you’re supporting your family or doing business in Nigeria, m-naira App makes it convenient and safer to send, receive, pay and save cash instantly from your phone, at a quarter of the cost of your bank or high street money transfer provider,” he said.
Ihinmikaiye explained: “m-naira App works directly with service providers to enable remote payment for services such as utilities, healthcare, school tuition, etc, adding that Nigerians in rural areas are not left out, as they are connected to the financial world using Nano-satellites.
According to him, this will allow Nigerians in areas with poor or no connectivity use the m-naira App to send and receive payment for goods and service.
The app has shown a lot of promises, with features such as instant transfer available from any UK, USA and European Union (EU)-approved countries of the world to Nigeria; 24/7 delivery, real-time updates on any transfer so the user will know exactly where his money is. There are no credit or debit card fees.
The mobile app can be downloaded via Google Play Store for now, with the iOS version coming soon or via website. The m-naira app has a high level of encryption, Know Your Customer (KYC) and security.
The developers of the app took it a bit further by helping the unbanked to save money via the m-naira Ajo scheme.
This scheme is a Rotational Savings Club or a group of individuals who save and borrow together in a form of peer-to-peer banking.
Group members contribute funds into a pool on a regular basis (daily, weekly or monthly) and then take turns withdrawing funds from the pool.
Rotational Savings Clubs are also known as Ajo, Esusu or Otataje in Nigeria.
Pay with m-naira feature is a contactless payment method using a QR code scan from the m-naira app. Users can make mobile payments at stores and to merchants.
On the other hand, blink with m-naira feature is a mobile payment method available in the m-naira app allowing users to make payments (in-store and online) with the use of a one-time password (OTP) pin.
This eliminates the use of Automated Teller Machine (ATM) cards for shopping online, withdrawing and depositing cash at agent locations.
m-naira blink can be used by m-naira app users and customers of m-naira app partner banks.
All banks and stores in Nigeria are in the m-naira app network. “We believe strongly that the future of mobile payment in Nigeria and Africa at large will be shaped by fintech companies and mobile apps like m-naira,” Ihinmikaiye stated.