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Business: Nigerian Mobile Money Receives $350,000 For Project Activation

The project which has been kick started in different states in the country will be beneficial to merchants and consumers.

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African mobile banking and payments services company eTranzact has made an investment of US$350,000 into a mobile money activation project in northern and southwestern Nigeria in collaboration with financial sector development organisation EFInA.

The PocketMoni 500 project has been developed in line with the Central Bank of Nigeria’s cashless policy, and began with pilots in Kano and Ogun states, aimed at driving the adoption of mobile money by educating and signing up local merchants and consumers.

eTranzact said given low internet penetration in Nigeria being a challenge to mobile money adoption, PocketMoni’s major key vakue proposition was ubiquity, with users able to send and receive money using USSD, SMS, GPRS/internet and the web.

“We are very happy to be announcing this project at this time. Since we began our mobile money service in Nigeria, it has been clear that significant effort had to be made by stakeholders at all levels to educate and incentivise merchants and users, and in collaboration with our partners, we will continue to push until the cashless policy goal is achieved,” said Valentine Obi, chief executive officer (CEO) of eTranzact.

“This collaboration with EFInA is the first of a series of strategic partnerships we have planned, we will be launching other similar projects in other parts of Nigeria and our team of mobile money evangelists will be spreading the gospel of mobile money from state to state.”

PocketMoni team members have been appearing on radio in Kano and Ogun states, educating people and providing incentives to encourage the adoption and usage of  mobile money products.

The team said it wants Nigerians to see mobile money as more than just an add-on service but an important component of the payments landscape in Nigeria.

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