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Nigeria: Moneybox Partners Paybox on Mobile Ecosystem
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This Day (Lagos)
14 May 2008
Posted to the web 15 May 2008
Hilda Esin
Lagos
MoneyBoxAfrica is partnering with Paybox, a German-based trendsetting company for mobile payment enterprise solutions to develop a mobile banking product for everyone in Africa.
"Our partnership with Moneybox Africa gives us the opportunity to demonstrate the huge transformational benefits of a mobile banking solution in another emerging market economy. In cash-dominated markets, offering a banking solution to anyone with access to a mobile phone has a huge potential" said Mr. Eckhard Ortwein, Executive Officer, Paybox.
MoneyBoxAfrica 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.
It 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", he said.
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.
With the innovation, 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.
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'It is exciting to leverage Paybox's expertise and technology in Nigeria and Africa in general. Together, we can fast-track Nigeria and several African countries to achieve the Millennium Development Goals (MDG). We will bring an innovative system to the market that can enable possibilities, bank the unbanked and under-banked and deliver dividends of democracy to Africans starting with Nigerians", said Mr. Adeniyi Elumaro, Executive Officer, MoneyBox Nigeria Limited and ICSL.
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