The bank's U-Mo can be used by people with or without bank accounts in UBA

United Bank of Africa (UBA) has been granted license to operate a mobile payment service by the Central Bank of Nigeria (CBN) .

The mobile payment service known as U-Mo is among the 7 licenses granted by CBN, and had earlier been granted approval-in-principle, enabling the UBA Group to quickly deploy and commence full operations with the establishment of Afripay, its mobile banking subsidiary

Read More >> http://dailytimes.com.ng/article/ubas-u-mo-granted-final-license-cbn

watin be the message

UBA is sure to prevent people from using this service with their cut-throat price.

I don't understand this big grammar. Trust 9ja with their big ideas that cannot be implemented

musiwa.,.:

watin be the message

me too i wonder o!! All noise

UBA U-MO is a mobile banking platform that allow anyone subscribe to it to make transaction on their phone. You don't need to have account with the bank, your phone number will serve as your account number by which you'll make all the transaction. The transaction you can make include: transfering of fund, payment of utility bills(e.g dstv,phcn), buying recharge cards, send money to your loved ones and so on. I think it's a good thing, Our banking system is advancing technologically

Thought they already had something like this in conjunction with MTN. Can remember in 2007, i was given one by a staff. I transferred N5k there with no problems. To use it became another issue. After much come today come tomorrow, i had to admit that my N5k was gone. Thank God it was not more than that. As a corp member, that was big money.

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Let's discuss about Mobile Money in detail here.

Was that written in english??

am coming

Mobile banking? Nothing so special about that. Its been in existence for a long time. Banks like UnionBank, GTB, FirstBank all have their mobile bank applications.

nadneth:

Mobile banking? Nothing so special about that. Its been in existence for a long time. Banks like UnionBank, GTB, FirstBank all have their mobile bank applications.

The difference now is that you can use the UBA U-mo to transfer money to ANY Bank account in Nigeria. So it makes no difference where the recipients banks with, you can transfer money in real time into their accounts.

I have been using this for quite a while now and it has been a real saver during my current project. I get to the market, agree prices and do the transfer to the seller's account, pick my goods and drive off.

@AJ:
Wrote a short piece on it a while back:

www.nairaland.com/nigeria?topic=729397.msg8884066#msg8884066

dont want to repost it so it doesnt get swallowed. Lolz.

---

just want to quickly point out that the new mbanking is actually different from the telephone banking someone referred to above.

For one thing, this new model is bank or network independent.

Its like loading ur MTN phone with Airtel voucher and being abln to send credit to someone on Glo !

the major problem i foresee with this thread is the bad reputation of UBA and how that is already affecting public opinion on the product in question.

Also, the hiccups people face with the current ebanking products like ATM and ibanks (cloning and phishing) might discourage early adoption.

Ultimately, its going to be a win-win development.

Personally, i'm rooting for MTN/GTBank YelloMoney, but will testdrive the others as they roll out.

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@blink : hope u saw my 2nd reply to ur mcard question b4 it was swallowed? as swallowed?

Still waiting for a bank with small integrity to roll out theirs. UBA is shiit.

blank:

Still waiting for a bank with small integrity to roll out theirs. UBA is shiit.

How you take know self

ymkz:

@AJ:
Wrote a short piece on it a while back:

www.nairaland.com/nigeria?topic=729397.msg8884066#msg8884066

dont want to repost it so it doesnt get swallowed. Lolz.

---

just want to quickly point out that the new mbanking is actually different from the telephone banking someone referred to above.

For one thing, this new model is bank or network independent.

Its like loading your MTN phone with Airtel voucher and being abln to send credit to someone on Glo !

the major problem i foresee with this thread is the bad reputation of UBA and how that is already affecting public opinion on the product in question.

Also, the hiccups people face with the current ebanking products like ATM and ibanks (cloning and phishing) might discourage early adoption.

Ultimately, its going to be a win-win development.

Personally, i'm rooting for MTN/GTBank YelloMoney, but will testdrive the others as they roll out.

---

@blink : hope u saw my 2nd reply to your mcard question b4 it was swallowed? as swallowed?

I saw nothin o

UBA has two of similar products, Umobile and U-mo.

(A) Umobile is a UBA product for mobile banking. This in lay man's language is enabling your phone to have a link to your account such that you are able to transfer money to UBA accounts and other bank accounts, buy airtime, settle bills (PHCN prepaid and DSTV, etc), send cash to someone without an ATM card (cardlex transaction) and the person withdraws from the ATM without a card but with just a transaction PIN, etc, all from the comfort of any location one may be (even in bedroom). All transactions impact directly on the customer's account.

(B) U-mo is a UBA product for mobile money. This in lay man's language is enabling ones phone to run as a bank account, i.e. no bank account is required. The product is downloaded to ones phone and operated as a wallet/purse.
The customers can load/deposit cash and withdraw cash.
The cusomer/user can transfer money to another Umo users/bank accounts any where.
The customer/user receives transfer too from other Umo users.
The customer/user can settle every day payment and settlement of shopping on the spot.
The customer/user can pay bills such as DSTV, PHCN prepaid card.
The customer/user can top up airtime on any GSM service, i.e MTN, GLO, Airtel,etc.

Just as we have it in other countries where mobile money have been remarkably succesfull, cash load/deposit will be done via agents to be acredited by the bank, or via special top up service to be rendered at every corner of the street, or even via a bank teller. When it is fully operational and spread, there will be no need to resort to the bank teller.

Withdrawals will be done via agents, ATMs, and the bank teller. Bills and phone air time recharge will be done by users on the go.

Mobile money is like having virtually the full service of the bank in your mobile 24/7 without recourse to the bank. Your phone becomes your mini bank. You only go to the bank for full time transactions. When you have received so much deposits in the form of payments from your client into your Umo, all you need do is to transfer to your bank account anywhere and eliminate the risk of cash carrying and reduce the risk of high balance on your moble account.

This service is capable of drastically moving the customers from the banking hall to their personal banking services. Transactions and settlemnens are readylingly done.

I personally have both products (Umo and Umobile) and it is fun.

[b]UBA has two of similar products, Umobile and U-mo.

(A) Umobile is a UBA product for mobile banking. This in lay man's language is enabling your phone to have a link to your account such that you are able to transfer money to UBA accounts and other bank accounts, buy airtime, settle bills (PHCN prepaid and DSTV, etc), send cash to someone without an ATM card (cardlex transaction) and the person withdraws from the ATM without a card but with just a transaction PIN, etc, all from the comfort of any location one may be (even in bedroom). All transactions impact directly on the customer's account.

(B) U-mo is a UBA product for mobile money. This in lay man's language is enabling ones phone to run as a bank account, i.e. no bank account is required. The product is downloaded to ones phone and operated as a wallet/purse.
The customers can load/deposit cash and withdraw cash.
The cusomer/user can transfer money to another Umo users/bank accounts any where.
The customer/user receives transfer too from other Umo users.
The customer/user can settle every day payment and settlement of shopping on the spot.
The customer/user can pay bills such as DSTV, PHCN prepaid card.
The customer/user can top up airtime on any GSM service, i.e MTN, GLO, Airtel,etc.

Just as we have it in other countries where mobile money have been remarkably succesfull, cash load/deposit will be done via agents to be acredited by the bank, or via special top up service to be rendered at every corner of the street, or even via a bank teller. When it is fully operational and spread, there will be no need to resort to the bank teller.

Withdrawals will be done via agents, ATMs, and the bank teller. Bills and phone air time recharge will be done by users on the go.

Mobile money is like having virtually the full service of the bank in your mobile 24/7 without recourse to the bank. Your phone becomes your mini bank. You only go to the bank for full time transactions. When you have received so much deposits in the form of payments from your client into your Umo, all you need do is to transfer to your bank account anywhere and eliminate the risk of cash carrying and reduce the risk of high balance on your moble account.

This service is capable of drastically moving the customers from the banking hall to their personal banking services. Transactions and settlemnens are readylingly done.

I personally have both products (Umo and Umobile) and it is fun. [/b]

You may also wish to refer to: http://www.u-mo.net/faq.html

elampiro:

[b]UBA has two of similar products, Umobile and U-mo.

(A) Umobile is a UBA product for mobile banking. This in lay man's language is enabling your phone to have a link to your account such that you are able to transfer money to UBA accounts and other bank accounts, buy airtime, settle bills (PHCN prepaid and DSTV, etc), send cash to someone without an ATM card (cardlex transaction) and the person withdraws from the ATM without a card but with just a transaction PIN, etc, all from the comfort of any location one may be (even in bedroom). All transactions impact directly on the customer's account.

(B) U-mo is a UBA product for mobile money. This in lay man's language is enabling ones phone to run as a bank account, i.e. no bank account is required. The product is downloaded to ones phone and operated as a wallet/purse.
The customers can load/deposit cash and withdraw cash.
The cusomer/user can transfer money to another Umo users/bank accounts any where.
The customer/user receives transfer too from other Umo users.
The customer/user can settle every day payment and settlement of shopping on the spot.
The customer/user can pay bills such as DSTV, PHCN prepaid card.
The customer/user can top up airtime on any GSM service, i.e MTN, GLO, Airtel,etc.

Just as we have it in other countries where mobile money have been remarkably succesfull, cash load/deposit will be done via agents to be acredited by the bank, or via special top up service to be rendered at every corner of the street, or even via a bank teller. When it is fully operational and spread, there will be no need to resort to the bank teller.

Withdrawals will be done via agents, ATMs, and the bank teller. Bills and phone air time recharge will be done by users on the go.

Mobile money is like having virtually the full service of the bank in your mobile 24/7 without recourse to the bank. Your phone becomes your mini bank. You only go to the bank for full time transactions. When you have received so much deposits in the form of payments from your client into your Umo, all you need do is to transfer to your bank account anywhere and eliminate the risk of cash carrying and reduce the risk of high balance on your moble account.

This service is capable of drastically moving the customers from the banking hall to their personal banking services. Transactions and settlemnens are readylingly done.

I personally have both products (Umo and Umobile) and it is fun. [/b]

Read about that part a long time ago on SDE but I will rather operate from GTB unless there are strict guide lines preventing UBA from fleecing users

What do you mean by 'UBA fleecing users'?

If you seat down to analyse bank charges, you will discover that there are alot of bank charging far higher that UBA.

I was so suprised to know that GTB charges 1% on cumulative daily withdrawal up to N1M, 1% on cumulative deposit of N5M, etc. Nobody has complained of these charges beacuse it is not UBA. If it were UBA Nigerians will be shouting from roof tops.

These charges are not done in UBA. I will like you to mention the charges that are perculiar to UBA, which other banks do not also take. The only reason why UBA is in the spot light is because it has the largest customer base of over 7 million. Any thing done easily becomes public.

Okay, please tell us ALL the charges we should expect from UBA for using this U-mo so if we see any other charge . . .

Also, what guarantees will UBA give us that our money will not fly on wings into their personla bank accounts (I gave u my previous experience with their shiit MTN card in 2008).

They have a transaction chart when you apply for Umo. Request for it in their branch or call the customer interaction centre.

As for security, I can say it is as safe as much you protect your PIN. That's all I know. They have a face book page for this product where questions are answered. See below & goodluck!

http://www.facebook.com/pages/U-Mo-Mobile-Money/126335807434466?sk=app_2373072738#!/pages/U-Mo-Mobile-Money/126335807434466

^^^
Thanks for your reply

In case you want to register for your mobile banking, I will be willing to help. , I'm an agent.
You don't have anything to lose, but a lot to gain.

07030500803--Kay

[tr]The difference now is that you can use the UBA U-mo to transfer money to ANY Bank account in Nigeria. So it makes no difference where the recipients banks with, you can transfer money in real time into their accounts.

I have been using this for quite a while now and it has been a real saver during my current project. I get to the market, agree prices and do the transfer to the seller's account, pick my goods and drive off. Grin
[/tr]
What charges apply for this service??