novine:

If you have used intercontinentals's Imobile, thats is a version of Mobile money,Firstmobile by 1st bank, any mobile money application in all the banks in Naija is being powered by etranzact. I have used I-mobile ,its makes life easy u dont have to go 2 d bank,4rm d comfort of your home, u can send money to all the banks in Naija.

To get more info check http://www.novinebooks.com.ng/Etranzact+Aggregator

Or call 07031234855,08028473125.

Mobile Money is different from Mobile Banking.

Thanks sha.

How are your Agents and Aggregators faring?

The customers nko?

AjanleKoko:

The real problem is what we said earlier. The people who have the license can't roll it out effectively. They have no money, they have no experience. Period.

They have no money and CBN regulation didnt make the sector attractive enough for independent companies to put in the kind of money required to start the revolution.

yamakuza:

^ No wonderrr !

You seemed surprised. Have you not read the guidelines?

CBN is over regulating. It seems CBN just asked the deposit banks to write the guidelines as they see fit. Everything in the guideline favours the deposit banks. Telecom companies are excluded. No wide consultation process before coming up with guidelines. Ordinary companies are required to have a verifiable capital base of N500 Million naira excluding licensing cost before they can get license. They are banned from trading with their customers' money and have to keep all the money in a deposit bank in a non interest earning account. Hence the deposit banks will get all the benefits (additional deposits to trade with, paying no interest)  without sweating and risk free.

The only obvious way of making money is through transaction fees on money transfer. Is this the mobile banking? CBN should just call the license mobile money transfer (prevously unregulated) license instead of mobile banking. Why will anybody invest all that money just to become a mobile money transfer company? Ofcourse it will make sense to the telecoms firms because they already have the infrastructure and this will just be another revenue stream on an existing infrastructure. The Paga guys will be interesting case study.

Maybe I am missing something.

^ I wondered at his statement on positioning.

With all the advert noise (MTN/GLO), i was expecting to see a lot more in action/play.

Makes sense now!

Pls, if i have d appl on my phone, how would i get it loaded, and how can i withdraw d cash at hand from my phone? Thanks 4 d clarification.

Mobile Money is still at the Infancy stage and we expect More Work by All the Operators. Though MTN and GLO are leading the way on MASS COMMUNICATION and it will be a lead way for the Industry.

POCKET MONI of E-Transact is doing more and PAGA too is doing some mass media campaign but the CBN needs to focus more on the adoption Strategies and MASS COMMUNICATION of MOBILE MONEY too.


Nairami Nigeria is currently working on an Mobile Web for Mobile Money New and Events in Nigeria

Check out Nairami Nigeria on FACEBOOK and Like our Facebook Page

http://www.facebook.com/pages/Nairami/203017919783149

for Current News and Events on Mobile Money in Nigeria

Mobile Money is still at the Infancy stage and we expect More Work by All the Operators. Though MTN and GLO are leading the way on MASS COMMUNICATION and it will be a lead way for the Industry.

POCKET MONI of E-Transact is doing more and PAGA too is doing some mass media campaign but the CBN needs to focus more on the adoption Strategies and MASS COMMUNICATION of MOBILE MONEY too.


Nairami Nigeria is currently working on an Mobile Web for Mobile Money New and Events in Nigeria

Check out Nairami Nigeria on FACEBOOK and Like our Facebook Page

http://www.facebook.com/pages/Nairami/203017919783149

for Current News and Events on Mobile Money in Nigeria

Ecobank sent me some forms to fill as an agent.Some how I was skeptical about the security implications of using my office for the mobile money transactions. Please could somebody here help explain the security implications of being an agent.

doczero:

Ecobank sent me some forms to fill as an agent.Some how I was skeptical about the security implications of using my office for the mobile money transactions. Please could somebody here help explain the security implications of being an agent.

Since you already have an office, securing your float should be a lot easier than it is for agents without offices.

You'll probably need a safe, lots of metal doors, and cctv.

There are firms that specialize in that area (security consultants), i believe.

You might also want to visit places where high volume transactions are done (genuss, gafunk, slot, etc) to see their setup.

@ yamakuza what is the difference between mobile money and mobile banking?

@sanfrancisqo you get your money loaded on your phone by visiting agents location or going to any bank in Nigeria apart from Citi Bank, i.e is if you are using Etranzact Pocetmoni.

Also to withdraw your cash you can either go to an agents location or you use your mobile money ATM card sold by agents for N600 to withdraw from the ATM Machine.

novine:

@ yamakuza what is the difference between mobile money and mobile banking?

Mobile Banking (M-Banking), [s]similar to to Internet Banking (iBanking), (both being types of e-banking),[/s] is when you use your phone to perform normal banking operations (check balance, transfer funds, etc)

The difference between Mobile Money and Mobile Banking is that MBanking is linked to a standard bank account, which you can operate using your phone; while in Mobile Money, your phone itself is the bank/account.

You need a bank to operate Mobile Banking. You dont need a bank to operate Mobile Money.

Hope its not too confusing?

I understand you, in both cases it involves using of the mobile phone. All transactions that can be done on mobile banking can also be done with mobile money the difference is that the mobile banking stuff is linked to your bankk account.

So when i used Imobile and 1stmobile as Example, its just for the customer to understand that, it is what they have been using before, the only diference now is that, their phone number now becomes their bank account no and it is not linked to their bank account.

,My agents are fine, you want to become 1?

I have found this trend enriching in terms of education and enlightenment on Mobile Money with its opportunities.

Though i can conclude that most people dont understand the policy and its opportunities, i was even at a seminar on Saturday where Mobile Money was discussed and i can say its a policy that would benefit all.

Thanks

novine:

I understand you, in both cases it involves using of the mobile phone. All transactions that can be done on mobile banking can also be done with mobile money the difference is that the mobile banking stuff is linked to your bankk account.

So when i used Imobile and 1stmobile as Example, its just for the customer to understand that, it is what they have been using before, the only diference now is that, their phone number now becomes their bank account no and it is not linked to their bank account.

,My agents are fine, you want to become 1?

surely, they must be having 2 or 3 hitches?

Or are they smiling to the bank already?

shina88:

I have found this trend thread enriching in terms of education and enlightenment on Mobile Money with its opportunities.

Though i can conclude that most people dont understand the policy and its opportunities, i was even at a seminar on Saturday where Mobile Money was discussed and i can say its a policy that would benefit all.

Thanks

What and what did they say that we havent said?

Care to share?

To me the whole mobile money thing, as it is at the moment, is more of a glorified money transfer service - like a localised mobile western union type operation, yes there are other added value services like paying bills etc, but that would hadly appeal to the acclaimed target market - the unbanked and financially excluded population who probably dont have that much need for that anyway! It would still have its usefullness, same as would be available if it were a robust and widespread local money transfer service that can be cashed out at the local villiage post office or other local agents.

Still a lot of work in progress in my opinion to make it a success. Too complicated at the moment for the intended target audience.

I believe there more need for mobile money education and enlightenment program by the government.

thanks all

Hello,

I have a mandate from a foreign company to recruit 15 persons who can write impeccable English and who can write blow-by-blow accounts of matches in the Nigerian Premier League.

RULES
1) You will be assigned to a team in your location. One team per individual. This means we will take only one person per state.

2) You are to provide pre-match coverage, and then on match-day, go to the stadium and watch the match. You are to write a blow-by-blow account of the match the way it is done on http://eurosport.yahoo.com.

3) Your English must be clean. There will be no place for people who cannot write in correct grammar.

4) You must know your state team in an out. Know the players, coaches, etc. You must be able to know the stats (team placement, goalscorers, goal tally of the team's scorers, etc).

5) You will be required to take a 90 minute test by watching a virtual football match online (which means you must have MTN Fastlink or any other broadband internet service) to watch the test match. You will be briefed on this.

COMPENSATION IS 35 EUROS PER MATCH.

This will be for a whole season. Good a thing the NPL just started.

If you know you can do this, mail dankrabb at gmail dot com with your name, occupation and location so we know what team to assign you.

Preference will be given to the unemployed. If you already have a job, this may not be for you. Let the money spread around to those who really need it.

THIS RECRUITMENT EXPIRES IN 2 DAYS. APPLY NOW!

How do one apply no link and address?

I would be in a seminar on Saturday 11th Feb. 2012 where one of the licensed operator of Mobile Money ENL is going to train and educated people on how to become an agent and earn a living from the policy, also they promise to kits anyone who wants to become an agent.

The venue is Goodness Royal School Hall, behind Zenith Bank Plc, Casso Bus stop, Alagbado, Lagos. For more info. Call 08050200894

I thought i should share it for everyone who is interested in the Mobile money.

Thanks
See you all at the top

I've actually Written about this way back January 2011.

It outlines the processes and registeration to begin the Mobile Money business with Etranzact

See full details here : http://smallbusiness.com.ng/mobile-money-making-opportunity-money-etranzact

[quote author=novine]
I understand you, in both cases it involves using of the mobile phone. All transactions that can be done on mobile banking can also be done with mobile money the difference is that the mobile banking stuff is linked to your bankk account.

So when i used Imobile and 1stmobile as Example, its just for the customer to understand that, it is what they have been using before, the only diference now is that, their phone number now becomes their bank account no and it is not linked to their bank account.

,My agents are fine, you want to become 1? yes.I want to become an egent

How far

Dis Guy: How far

dem just dey postpone d thing anyhow na.

This govt sef!

yamakuza:

dem just dey postpone d thing anyhow na.

This govt sef!

na wa o, this our policy maker sabi waste pesin time, after all the energy, money invested kpow

no wonder people will stick to trading, na so so somersault them sabi

interesting, How i wish they can accept normal recharge for the mobile money transactions

There is difference between Mobile Money and Mobile Banking as far as Nigeria's definition is concerned even though wikipedia sees both as being same. In Mobile Banking, you must have already had an account with a Bank; you are using your phone to access your bank account. So Intercontinental (now access),FIRST bank etc are providing mobile-banking and not mobile-money services. In mobile money, you don't have a bank account; infact, it is your phone number (080xxxxxxx) that is your account number and your handset is your bank! Mobile Money is targetted at the unbanked--people without access to banks either because of distance or illiteracy or requirement to open an account. I am not aware if Access bank, First Bank has been licenced by CBN for Mobile Money services. In mobile Money, you don't need to send money to someone's bank/account (since they are unbanked}, you send money directly from you phone to the person's phone (and the person may cash it from agent, or use the phone-money to buy things)