Glo, UBA Sign MOU To Launch Nigeria’s 1st Mobile Money Service - Business - Nairaland
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| Glo, UBA Sign MOU To Launch Nigeria’s 1st Mobile Money Service by george31(m): 2:13pm On Sep 01, 2011 |
[center][b]Leading telecommunications company Glo Mobile, on Friday, August 26, 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, in preparation for the commercial launch of Nigeria’s first Mobile Money Services. The landmark deal will enable mobile subscribers 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! Branded as “U-Mo”, Afripay’s Mobile Money product has been successfully text-run through select Agents. With the wide mobile coverage of Glo in Nigeria, the Glo-UBA partnership will ensure that the U-Mo product is available in the remotest parts of the country, from the smallest village and local markets to the largest towns, in line with CBN’s objective of enhancing financial inclusion through a “Secure, Convenient & Reliable” mobile money account. This product can be accessed by all Glo subscribers after registration and dialing *866# for USSD or by downloading the menu through a link provided by Afripay for Java application, upon registration. Existing Glo subscribers and new ones can perform various operations including: Deposit/Cash-In; Withdrawal/Cash-Out; Transfer from mobile to mobile; Buy Airtime credit for self or for others and Bill Payment. Others are Account maintenance including balance enquiries, last transactions and mini-statement. It will also enable customers to request for PIN change. Other lifestyle changing products and remittances will be introduced with time. [/b][/center]
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