Moneybox Africa to Deploy Mobile Financial Platform in Nigeria

Digital Content

MoneyBoxAfrica is partnering Paybox, the German based mobile payment enterprise solutions, aimed at developing a mobile banking product for everyone in Africa. A statement made available to This Day, said that MoneyBox Africa is a new savings and payment system based on a scratch card that is enabled by any mobile phone and offers a cash-like way to remotely save, spend, and transfer money.

According to the statement, Moneybox Africa is an initiative of Nigeria's leading technology focused on investment and financing institutions, Integrated Capital Services (in alliance with ICSL, Interswitch, e-Transact and SWIC Microfinance Bank). It is also partnering with Paybox solutions, AG, the trendsetting company for mobile payment enterprise solutions headquartered in Germany.

The new partnership leverages Paybox's Mobiliser Platform and the Money Mobiliser product offered the largest mobile financial ecosystem across Africa in the near future. With 80 per cent of African population under-banked without any access to financial services, the continent required an affordable line of services that will allow poor Africans to execute financial transactions remotely and conveniently," the statement said.

According to the statement, Mobile Banking seems to be an attractive alternative platform with an innovative savings and payment system that convert any mobile phone to a micro bank. And the new mobile payment system is based on scratch cards that was enabled by mobile phones. Customers can open their accounts on the streets, remotely save money into their accounts, top up their phones, pay utility bills and tithes, buy insurance premium, send money to friends and relatives, withdraw cash at agents' locations or ATMs, get access to credit and make investments.

In addition, the system provides basic m-Payment services with minimal sign up barriers, creating more businesses but accepting lower margins, supporting remote and proximity scenarios. Moneybox Africa also offers the end customers an easy upgrade path to a stored-value-account and eventually a bank account. It provides key services beyond the basic banking functionalities such as bill payment, airtime top up, international remittance with the appropriate user interface technologies. The Moneybox Africa offers cost-efficiency, convenience and flexibility.

This Day