MoneyBox Africa office in Nigeria announced a partnership with the Intercontinental Bank Plc, to boost mobile banking in the country.
The service is practically delivered and transacted through the Short Messaging Service (SMS).
Managing Director, MoneyBox Nigeria, Mr. David Kaye, said the purpose of the partnership is to enable more Nigerians to save money and become assimilated into the bankable community.
Mr. Kaye, who made this disclosure in Lagos while announcing the partnership, said that the partnership actually began about 18 months ago.
MoneyBox, he said, is a mobile money operator licensed in line with the Central Bank of Nigeria (CBN) vision 20-2020 to harness the unbanked in the country, hence they are pleased to pioneer this initiative with Intercontinental Bank Plc.
Although, he noted that they are currently undergoing a trial version, especially at the University of Lagos (UNILAG), saying that it is heartwarming that the number of people, mostly students who are adapting to this product is on the increase.
He also pointed out that there are several features of MoneyBox including Scratch card, stored value account, quick save and account on the street to name a few.
He explained that MoneyBox card gives users the chance to store money on their phone, noting that several artisans in the country witness peak of their business after banks have closed and therefore need a string of opportunity on how to still make deposits to their bank of choice, especially the Intercontinental Bank Plc.
Currently, he said they are riding on Etisalat network to deliver this service and talks are on-going with other operators, notably Globacom to be part of the service delivery.
In his address at the occasion, the Group Managing Director of the bank, Mr. Mahmoud Lai Alabi represented by the Executive Director, Enterprise Risk Management, Mr. Gbenga Alade, said that the unveiling, the first of its kind in the country has the approval of the Central Bank of Nigeria (CBN) and mobile money short code from the Nigerian Communications Commission (NCC).
He affirmed that the pilot stage of the products offered by MoneyBox in conjunction with the bank involved all the features aforementioned.
According to him, from the outset, Intercontinental Bank Plc supported the entrepreneurial spirit behind MoneyBox initiative by providing necessary support to make the dream of truly mobile cashless society realty.
“Intercontinental Bank is proud to be associated with innovative electronic banking inventions after setting the pace by pioneering the deployment of Verve Card to secure its customers Automated Teller Machine cum online transactions, as well as pushing the frontiers of mobile banking through its flagship e-banking products, which includes Visa cards, Master cards, Internet banking and immobile among others,” he said, stressing that this is the first secure mobile money transfer products in Nigeria.
He expressed optimism that the MoneyBox product is a very good development, more so as a means by CBN to reduce overhead of banks in the country.
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