Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheques, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.
Mobile payment is being adopted all over the world in different ways. In 2008, the combined market for all types of mobile payments was projected to reach more than $600B globally by 2013, which would be double the figure as of February, 2011.
In developing countries, mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked," which is estimated to be as much as 50% of the world's adult population. According to Financial Access' Report, "Half the World is Unbanked“
Mobile Money in Kenya:
Kenya is the world leader in mobile money. For 26 million Kenyans, the cell phone is a wallet and bank account. They can get paid, transfer money, pay bills, withdraw cash and even make in-store purchases – no matter what handset. Now that is a catalyst for a vibrant mobile economy!
Of the 31 million mobile subscribers in Kenya, 83 percent (26 million users) are subscribed to mobile money services.
• Safaricom’s M-PESA service was the pioneer of mobile money in Kenya, and worldwide. Launched in 2007, M-PESA now has over 20 million subscribers, which gives it over 75% of total mobile money subscribers in Kenya, and today, one quarter of the 44 billion dollar economy in Kenya runs through M-PESA.
M-Pesa—the M stands for “mobile,” while pesa means “money” in Swahili language
• The beauty of mobile money services is the ability to a) transfer funds from one mobile device to another and b) deposit and withdraw money via a network of local agents. But mobile money can be used in many other innovative ways.
These include including paying utility bills or school fees, insurance, charity and religious donations, making in-store purchases, m-ticketing, phone top-ups, withdrawing cash from ATMs, sending money home from 45 countries overseas, people even have their wages and stock dividends paid into their account. All of this is achieved without needing a bank account, bank card, a smartphone or a post-paid contract.
Mobile Money in Nigeria:
The introduction of mobile telephony in Nigeria, its rapid growth and adoption and the identification of person to person payments as a practical strategy for financial inclusion, has made it imperative to adopt the mobile channel as a means of driving financial inclusion of the unbanked.
These factors underscore the decision of the Central Bank of Nigeria to issue this regulatory framework to create an enabling environment
for the orderly introduction and management of mobile payment services in Nigeria.
The CBN Cashless Policy was introduced in June 2012, to ensure individuals and corporates no longer make cash withdrawals above N500,000 (five hundred thousand naira) and N3,000,000.00 (three million naira) per day, respectively.
The policy stipulates that any withdrawal exceeding above limits attracts 3% penalty on the excess for individuals or 5% for corporate organizations.
For example if an individual makes a 1 million naira withdrawal, they 3% charge of N30,000 or N250,000 on corporate withdrawal of N5,000,000
The movement of large amount of physical cash has become a crime and offenders will be prosecuted.
Exemptions have however been granted on withdrawals for accounts operated by Embassies, Diplomatic Missions, Multilateral Agencies, Aid Donor Agencies, Ministries, Departments and Agencies of Government(revenue collection only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
Already, individuals and corporates have positioned themselves to benefit from the policy…
About 80 million Nigerians still remain unbanked or underbanked, meaning BIG business for the mobile money industry in Nigeria!
In this highly simplified and step-by-step eBook, Philip Obin, a Harvard of eBusiness Pro, and graduate of Enterprise Development Centre of the Pan-Atlantic University, explains mind-blowing benefits of the CBN Cashless Initiative + how individuals and businesses alike can be certified to become mobile money agents, help the CBN advocate for #CashlessNigeria, and earn generous income of up to N487,250.00 monthly - guaranteed*
After reading the eBook:
You'll be prepared to become a certified agent & help people carry out following transactions:
Open FREE MobileMoney Accounts for unlimited customers & earn monthly commissions from their transactions - for life!
Issue and fund ATM cards (MasterCard) for your customers
Do and teach your customers how to withdraw money from ATM machines without ATM cards
Do and teach your customers how to transfer money to any bank account in Nigeria
Do and teach your customers how to send money to anyone in Nigeria through their phone number alone (No bank account required)
Serve as Western Union & MoneyGram Agent & assist people receive money from loved ones abroad
Do and teach your customers how to pay for DSTV/GOTV, Startimes, HITV, TrendTV, Lekki Tolls, Church Offerings/donations, Insurance, NEPA (PHCN) bills using just mobile phones or tabs
Do and teach your customers how to buy airtime (recharge cards) of all networks in Nigeria, from mobile phones + you earn unlimited commissions each time your users buy airtime.
Do and teach your customers how to do all of the above from any phone, including Nokia torch light phone (kpalasa), with or without internet!
How to start your own recharge card printing and distribution business, etc.
Become a MasterCard ATM issuer, issue ATM cards to your customers, help them fund same and earn commissions from all their transactions
Other bonus eBooks included are:
Thinking Skill
Internet Marketing
Successful public speaking
Using social media for personal gain
Social Media And Business Intelligence
Other bonus eBooks included are:
Thinking Skill
Internet Marketing
Successful public speaking
Using social media for personal gain
Social Media And Business Intelligence
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