Nigeria is set and almost ready to join the list of countries in Africa that will benefit from the mobile money market. Mobile Money is a service allowing you to transfer money using a mobile phone. Mobile money aims to create a cashless society and reduce the cost and dangers associated with traditional banking transactions, thus catering to millions of unbanked Nigerians.



This initiative first propelled by Finbank with its flash me cash, is now been spear-headed by MTN and GLOBACOM NIGERIA. Glo Mobile recently signed a memorandum of understanding (MoU), with Afripay Ltd., a member of the UBA Group, which has obtained a Mobile Money License from the Central Bank of Nigeria (CBN), in preparation for the commercial launch of Nigeria’s first mobile money services. While MTN Nigeria's affiliation with GTB bank is sure to create a formidable alliance in the mobile money market.



This service will enable customers open mobile money account to store Electronic Value (EValue) of money easily on their mobile phones, using their mobile number as account number.



They can also transfer money to any mobile number, spend the money directly from their mobile money account to pay for goods as well as buy airtime top-up for themselves and others.



According to MTN Nigeria, its Mobile Money service will be a convenient, secure, and affordable way of sending money using an MTN mobile phone, even though you don’t have a bank account.



Mobile Money has been recorded as a huge success in countries like Cote d'ivoire, Kenya and South Africa, and we can only wait and hope that the same appraisal will be seen in the Nigeria Telecommunication Industry. Telecoms Compare will be watching both MTN Nigeria and GLOBACOM closely and we shall be comparing what they are offering.
To get info on tariffs they will charge for transfers,payments and withdrawals etc.visit www.telecomscompare.com.

for more information on mobile money, send me an email topex4real2003@yahoo.com or call 08079394438

With the introduction of cashless society in some states already in Nigeria and proposed inclusion of more till Nigeria totally becomes a cashless society at large, there have been some financial innovations and one of them includes the Mobile Money service.

Mobile Money is a payment solution or service allowing users to transfer money or pay for goods and services using their mobile phones. The central bank of Nigeria had already licensed some providers to offer mobile money services in Nigeria and some of them includes MTN Mobile Money, QikQik Mobile Money, PocketMoni, U-Mo Mobile Money and Glo Text Cash etc.

http://netmediablog.com/mobile-money-services-in-nigeria/