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26th August 2011

Monitise granted Nigerian Mobile Payment licence

Following a limited trial Monitise has been granted Nigeria's first Mobile Payment System provider licence by the Nigerian Central Bank.


Monitise explain: "The Monitise technology platform is designed to be shared by various banks and payment providers, enabling them to be able to offer mobile payment services under their own brands. Monitise, with its local partners, has set up a network of agents in Nigeria that can be utilised by banks and payment service providers to offer branchless banking services to both the banked and unbanked.

"As the Monitise network grows by attracting more banks, agents and merchants, people in the community will have a genuine choice of financial services, thereby facilitating financial inclusion within the economy."


Specifically the platform allows consumers to securely:

- register for the service via their handset
- deposit money at a registered agent
- send money to others, regardless whether the recipient is registered or not
- top up airtime for their prepaid mobile
- pay salaries to staff and employees
- withdraw funds at a registered agent
- check transaction histories


During the year to date Monitise has run a pilot in 4 cities and 11 rural locations which attracted approximately 7,000 users and handled payments valued at Naira 25m ~(€112,000 £98,000 $162,000 ¥12.4m Y1.03m).