Tag: nigeria mobile payments

Mobile payments from Fortumo launched in Nigeria

There is a rapidly growing interest in that country for paying through the use of a smartphone.

In response to the growing interest in mobile payments and money services among the Nigerian people, Fortumo has now launched its latest product, which allows for these transactions within that West African nation.

The connectivity rates and the smartphone based money services in the country are now widely available.

In fact, there are now an estimated 114 million smartphone and other device users who have access to mobile payments across Nigeria. At the moment, the penetration of smartphones among all cell phone users still remains quite low, but Fortumo has taken that into consideration in the design of the services that it has launched in order to cater to nearly anyone who has a mobile device.

A special mobile payments platform that will even work for feature phones has been designed.

Mobile Payments in NigeriaEven though most people in Nigeria do not have a smartphone, Fortumo has built a “special flow” for its cross-platform “mobile payments for feature phones.” This helps the company to be able to provide these services to the majority of the population that use devices without all of the latest bells and whistles.

At the moment, in the country, the smartphone based internet is still in the lead. In fact, 75 percent of all subscriptions to internet services are managed by way of smartphone based platforms. This represents approximately 35 million users. Only one quarter of all of the cell phones in Nigeria are currently smartphones.

Nigeria has made itself an important mobile payments services marketplace in Africa, as it has made specific efforts to use this technology to enhance the ease and convenience with which people can exchange funds or pay for the products and services they want to buy. It is the hope that the use of cell phones as opposed to credit cards or debits for bank accounts – or even cash, for that matter – will help to give the local economy a much needed shot in the arm, and to empower users with additional options for shopping in person or online.

Mobile payments are growing in Nigeria

The Central Bank of Nigeria has announced that the transactions are taking off in the country.

According to a recent statement made by the Central Bank of Nigeria (CBN), the use of the financial institution’s mobile payments platform within that country has been gaining a great deal of ground.

The ease and convenience of the transactions have proven to be very popular in that part of Africa.

Dipo Fatokun, the director of the banking and payment system department at CBN, explained that mobile payments have been achieving a growing adoption rate in that nation. This announcement was made at the Mobile Money and Financial Inclusion: What’s the Next Big Thing day-long conference in Lagos, which was organized by the Brookings Institution of Washington D.C. and by Leeds Bryan International Limited.

It was also pointed out that as 4G internet service comes to Nigeria, this will only boost mobile payments use.

Central Bank of Nigeria - Mobile PaymentsFatokun indicated that CBN and mobile network operators had an ongoing agreement that made sure that mobile payments transactions could be maintained in a sustainable way, without hitches or outages. It was also indicated that as the country would soon be moving to 4G internet service, a broader network would be available from the current 3G in Nigeria.

In his statement, he added that “We in central bank on the issue of connectivity are at the last stage of an MoU signing with the Nigeria Communication Satelite (NICOMSAT) such that they would provide WIFI technology at various locations in Nigeria so that connectivity would be made easier.”

It was also explained by Fatokun that CBN has a focus on preventing transaction fraud in its mobile payments system through the use of an established electronic banking guideline which extends to transactions that occur over smartphones and tablets. He added that there are specifications for systems through which business must be conducted. It was also expressed that there are a number of technical details provided for how deployments can be made, and that smartphones do not have any specific security elements as is indicated by NCC, and that they would therefore not function over this channel.