Monitise has been granted a licence to provide mobile money services in Nigeria by the country's Central Bank.
The UK mobile banking and payments outfit, with its local partners, has set up a network of agents in the country that can be utilised by banks and payment service providers to offer branchless banking services to both the banked and unbanked. The company received a provisional mobile payment system provider licence in December 2010 and launched a pilot in four cities and 11 rural locations earlier this year.
The next steps are to enable Nigerian banks and other financial institutions to provide mass market mobile phone-based financial services including loans, insurance, pensions products and savings. Monitise group chief executive Alastair Lukies says: “We are committed to bringing the latest developments in mobile financial management not only to Africa but across the world’s other emerging markets, to extend the benefits and opportunities of financial inclusion and mobile money for all, truly bringing the unbanked into the financial fold. We will continue to work closely with the Central Bank of Nigeria and local partners to extend the services we offer and to enable anyone in Nigeria with a mobile handset to access the full range of mobile financial services.”
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