Mobile Money is an electronic wallet service that allows the storage and transfer of money using a mobile phone.
It is popularly known as a ‘mobile wallet’, a simple alternative to both cash and banks because it can be used anywhere there is a mobile phone signal.
How does it work?
Mobile money stores funds in a secure electronic account that is linked to a mobile phone number.
It is usually provided by the same companies that run the country’s mobile phone and it is available to both pre-paid and contract customers.
This service allows users to send payments to family, friend, buys items in shops or online, pay bills, school fees, and top up mobile airtime.
They can also withdraw cash from authorized agents. Mobile money allows individuals to send money between different services and business associates.
How mobile money enhances financial inclusion
Mobile money is allowing unbanked people in Africa to have the opportunity to participate in local and global markets.
People with traditional ‘paper trail’ suddenly have a digital trail and proof that they are able to earn and spend, and save.
Also read, An Overview of Mobile Money in Nigeria
Therefore growing a business isn’t a dream but a reality because money can safely be kept for future investments.
Below are the top 5 licensed mobile money operators in Nigeria:
This payments platform allows its users to transfer money electronically and make payments through their mobile devices.
It serves as a mobile wallet where users can perform financial transactions through their devices. It was first launched in Nigeria in 2011. People are able to purchase prepaid, deposit, and save money.
MTN’s groundbreaking Mobile Money (MoMo) service allows you to store, send, and receive money using your mobile phone.
You don’t need a bank account to use it, or the internet to perform transactions.
First Banks’ Firstmonie
It is an official service in which customers can process financial requests through registered Agents and existing businesses.
It allows individuals to accept payments with their mobile numbers.
It’s the first licensed mobile app that allows people to become agents and can facilitate payments for others through it.
It helps customers carry out financial transactions.
UBA Moni Agent
It is a mobile app that approves registered agents the ability to make financial requests on behalf of their customers, especially the unbanked places in the rural areas across Africa.
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