Mobile banking in Nigeria - Multidox .:.:. Blog

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Posted by Felix Okoli on June 25, 2010 at 01:53:05:

The big GSM companies like MTN, Zain, Glo and Etisalat may already be set to take on a new form of investment and a bigger source of income with the advent of mobile banking in Africa's largest mobile market - Nigeria.
Recently, there has been a publication by the CBN inviting mobile operators to apply for mobile banking license and in this way, become able to operate as mobile banks in Nigeria.

What Mobile banking involves
Mobile banking just like any other banking activity involves the savings and withdrawal of funds from a bank, but in the case of mobile banking, it really involves doing those activities that make use of mobile phones and devices to transfer and receive funds as long as the person is connected to the network. Just like Paypal and Alertpay allow people to send and receive money as long as they have an email address, traditional banks allow customers bank as long as they have a savings account, mobile banking would allow user to d normal banking activities as long as they have a mobile bank account with the telecoms company.
Already, some of Nigeria's Telecom companies have been successful in doing mobile banking in other countries. MTN already has mobile banking operations in South Africa, Uganda, Ghana while Zain's own version called Zap is also active in countries like Kenya, Tanzania and Uganda.

I hope it would be a more secure and stress-free business unlike traditional banking in Nigeria.

Comments:
Re: Mobile banking in Nigeria Posted by Kemi on June 25, 2010 at 03:11:01:

It will be nice to have mobile banking. But I think this is what some banks like Intercontinental and Diamond bank are already offering. What difference will these GSM companies bring?

Re: Mobile banking in Nigeria Posted by Mase on June 25, 2010 at 04:13:55:

Another way to finish our oil money?

Re: Mobile banking in Nigeria Posted by Onelove on June 25, 2010 at 09:41:39:

When will it start. I hope it begins soon

Re: Mobile banking in Nigeria Posted by Sally on June 25, 2010 at 10:09:36:

What will be its merits?

Re: Mobile banking in Nigeria Posted by Kingsley on June 25, 2010 at 11:19:53:

This is a welcome idea. It will save a lot of time being wasted at banks. Will there be interest on deposits with mobile banking or not?

Re: Mobile banking in Nigeria Posted by Felix on June 25, 2010 at 11:51:29:

Well, for the fact that you can do your banking at any time of the day with your mobile phone.

Re: Mobile banking in Nigeria Posted by Alloy on Thursday January 27, 2011 at 16:15:51:

Mobile banking is banking at your fingertips. It allows you to make deposits, withdrawals, transfers or even top up using a mobile phone which has been installed with a mobile banking application. An example of such service already in use Intercontinental bank ibanking. When it comes to mobile banking, companies like Etranzact are good at it.

Re: Mobile banking in Nigeria Posted by musa Hassan on Wednesday July 13, 2011 at 17:0:36:

I can't check my balance with my pin. Its telling me I ve resent my I give a complain at UAC Building feeling form ,but action has be taking. Once again b4 I can do mobile transfer . But now I can't I dnt to know wealther because my pin was lock out