Demand for Making Payments through Mobile Devices Gains Acceleration in Nigeria

moneyAdvancement in online transactions such as e-commerce, e-banking among others continues in Nigeria despite the downfall of economic strength in the country. Nigeria is one of the fastest growing nations, again despite current setbacks, which attracts investors, especially those considering the present economic situation is temporary.

Most firms that are operating presently in Nigeria believe that the present economic situation has to be endured so that the access of taping into Nigerian business opportunities will not be difficult when the economy starts doing well, in the near future.

Nigeria who is blessed with a very large population of youth has the most favorable chances in this market because most bills such as online shopping, transferring of money to friends and business partners, and short distance transportation payments will likely be accomplished more readily through mobile devices by this growing generation.

More on this development, a Nigerian IT solution company known as Ethnos teamed up with Checkmarx an Israeli based IT company that specializes in providing applications for IT security, to host a strategic application summit for developers and IT security experts in Lagos recently.

While speaking at the summit, the Regional Sales Manager of Checkmarx, Eli Menashe said that the need to provide Nigeria with adequate cyber-security against hackers is needed as threat starts from the coding stage of IT concepts. The CEO of Ethnos Nigeria, Peter Ejoifor also added that the summit came up at an appropriate time so that stakeholders will be empowered and equipped with security ideas and skills before starting the mobile money and IT related businesses that are about to flourish in the country.

Presently, some banks such as Guaranty Trust Bank (GTB), United Bank for Africa (UBA), and Stanbic IBTC already have products that provide mobile payment services. The services include buying of airtime and money transfer from one account to another using a mobile phone.

First Bank of Nigeria has been licensed through the Central Bank of Nigeria (CBN) to further advance mobile payment services, which will enable them to provide an account known as “Mobile Wallet”. The account can be used to settle online shopping bills, payment of airtime and transfer of funds to friends and family through mobile phone.

First Bank of Nigeria operates Mobile Wallet through one of its products called First Monnie. In connection with Mobile Money Info Technology (MMIT) a company that specialized in forwarding implementation of mobile money services and foreign products such as Talk 360 that provides international call applications, and Smart VOD that enables users to buy foreign movies.