A petty trader, Mrs. Bolade Inuwa, has narrated how she was spared huge embarrassments and inconveniencies in the wake of the recent policy pronouncement on the redesign of select denominations of the national currency – the Naira, specifically referencing how KongaPay, a mobile money wallet operated by Nigeria’s leading e-commerce giant, the Konga Group, came to her rescue.
Nigerians from all walks of life have had to contend with severe difficulties in the wake of the announcement by the Central Bank of Nigeria (CBN) which initially pegged January 31, 2023 as the deadline for the return of old series of 200, 500 and 1000 Naira notes. Amid concerns raised in various quarters, the CBN had stuck to its guns, insisting there are no plans to shift the deadline, prompting some businesses to stop receiving the old series of affected denominations even ahead of the deadline for their return.
KongaPay, a frontline mobile money platform and a member of the Konga Group, Nigeria’s leading composite e-commerce giant, has signed a landmark deal with Bibimoney, a UK-based industry leader to expand access to financial inclusion for many in Nigeria, while also raising standards in the Fintech ecosystem in Nigeria and beyond.
The iconic partnership was signed at the prestigious House of Lords, London last week by Mr. Shiraz Jassa, Founder & CEO of Bibimoney and Dr. Leo Stan Ekeh, Chairman of Konga Group witnessed by Lord Anthony St. John of Bletso, Chairman of Bibimoney, and many other distinguished guests.
The continental e-commerce giant, Konga has adduced reasons why its latest in stock ATM card-less solution with KongaPay, is exciting market, reports ITREALMS.
This, industry observers say is another feat with the roll-out of card-less withdrawal and unstructured supplementary service data (USSD) features on its payment platform, KongaPay.
KongaPay is a secured payment platform licensed by the Central Bank of Nigeria (CBN), promises to allow customers to hold funds in escrow, complete peer to peer transfers, purchase digital goods, pay for Digital Satellite Television (DStv) subscription and airtime at discounted rates.
Explaining how the card-less withdrawal feature works, KongaPay Vice President, Joshua Fatoye, stated that the feature allows any account holder to withdraw cash from any Automated Teller Machine (ATM) nationwide, without using any debit card.
“The card-less feature works this way. All the customers are required to do is to sign up on Kongapay.com and ensure that their KongaPay wallet is funded using any of the funding options. Then, the account holders need to log into their wallets via web or app. Then, click on cash out from the wallet, and next on cardless cash out feature and input the amount and the beneficiary mobile number,’’ stated Fatoye.
‘‘By default, the customer’s mobile number will be on display. The customers can, however, input any valid mobile number of any recipient they wish to send money to. The beauty of the process is that the mobile number does not have to be registered on KongaPay wallet.
‘’Next, the customers will then input their personal identification numbers (PINs) and One True Pairings (OTPs) to complete the transaction. Next, the customer who initiates the transaction will receive a message thus: “Your pay code request was successful”, and the beneficiary will get a short message service (SMS) notification with the withdrawal code details,” Fatoye said.
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