The pilot of the first Monitise branded customer-facing service targeted at the unbanked has been launched in four cities and 11 rural locations across four states under a Central Bank of Nigeria (CBN) provisional license to develop the country’s mobile payments network.
Monitise expects to provide its technology to other financial institutions in Nigeria as it does in other markets around the world.
The CBN’s decision on the granting of full licenses is expected in May 2011.
Monitise said that it has already created 16 full-time jobs for field support staff to assess, vet, recruit and train agents.
Funds can be deposited by agents at branches of Monitise’s first Nigerian bank partner, Afribank. Once users have registered, whether by simple self-registration or through an agent, they can access Monitise Mobile Money through an internet browser on their mobile handset.
Although the service works across all mobile networks, Etisalat Nigeria is providing Monitise with access to their call centre, USSD service, promotional material, dealer network and agent assistance.
Monitise has been supported by the Africa Enterprise Challenge Fund (AECF), which has provided grant funding to assist in the launch of its mobile banking and payments service.
