CBN endorses eTranzact for MobileMoney

A leading mobile and electronic payment company in the country, eTranzact International Plc, has received an approval from the Central Bank of Nigeria (CBN) to launch Mobile Money into the electronic payment market.

The Managing Director of eTranzact, Mr. Valentine Obi, made this disclosure in Lagos, saying that his office was granted the approval on November 26, 2010.

Obi said that eTranzact Mobile Money platform would be launched as multi network capable and interfaces seamlessly with third party payment schemes.

“eTranzact Mobile Teller is a new solution driven by the eTranzact Mobile platform and is the first of its kind in Africa. The product has been specifically designed to improve access to finance to customers in low banking coverage areas via the use of the mobile phone,” he said.

According to him, the mobile money would ride on all the Global System for Mobile (GSM) and Private Telephone Operators (PTO) networks, thus extending the capability of the user’s mobile into a highly interactive feature-rich payment device.

“It leverages on the mobile handset capabilities to overcome the limitations of cash or card transactions,” he said.

Obi also noted that Mobile Teller solution would create job opportunities for Nigerians around nationwide, both for educated and uneducated people as they would become eTranzact Mobile Tellers.

He explained that the eTranzact Mobile Teller solution offers unique services such as Instant Account Issuance, Person-to-person payments, Person-to-Business such as Cable TV payment, Post-paid payment, Mobile Top-Up, Funds Transfers to mobile phones and bank accounts, School fees payment to name a few.

eTranzact is in partnership with consortium of banks, International Development agencies, Microfinance institutions and Telecom Operators to deliver a world-class Mobile Money Solution.

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