VeriFone, Teasy Mobile in Nigerian mobile money launch

MARCH 05,2014.

Nigerian mobile payment service provider Teasy International Company is using VeriFone Mobile Money to offer a wider range of mobile money services and make them more relevant to local needs.

Teasy will use mobile POS and biometric technology for user identification and authentication, in keeping with Central Bank of Nigeria\'s KYC and financial inclusion policies.

VeriFone Mobile Money is a joint venture between VeriFone and Mobilis Networks, a provider of cloud-based SaaS (Software as a Service) services for mobile banking, billing and payments.

Teasy will work with local industry players to roll out VeriFone contactless POS devices, while VeriFone will integrate the mobile wallet, banking, and telecommunication provider networks with the POS terminals.

"Nigeria is a rapidly advancing and sophisticated mobile money market, and there are many mobile wallet providers already in the Nigerian market," Chris Jones, VeriFone Mobile Money\'s CEO, said in a statement. "With Teasy Mobile, VeriFone Mobile Money will be offering fast and secure transactions at the Teasy retail agents\' point-of-sale terminals. The technology used will be a combination of biometrics and NFC on mobile devices and cards."

"Using VeriFone Mobile Money\'s solution, we will be able to roll out a mixture of point-of-sale and mobile wallet technology, capturing all points of customer transaction," Musa Ali Baba, Teasy\'s managing director/CEO, said in a statement.