Payment processes and experiences evolved during the last decades, and thanks to different technological innovations, people from all corners of the world changed the way they behave when it comes to making transactions.
Until recently, cash was the obvious and preferred method of purchasing anything and everything, but with the emergence of safe and convenient electronic options, shoppers are quickly changing their attitudes.
Therefore, let’s take a look at some of the areas where online payments caused the biggest changes.
Shopping Online
Instead of taking their time to go to physical stores, people are getting more and more attracted to large e-commerce sites...
In Nigeria today, 70% of people now have a side hustle to increase their sources of income. There are cases of Bankers who sell shoes on Instagram, Office Receptionist who run online skincare business, and restaurant owner who have POS kiosks just in front of their shops.
These side hustles are not new to us, our social media platforms have become a full-blown marketplace and we are loving it.
One profitable Side hustle most entrepreneurs venture into now is the Agency Banking Business. You will see a Barber who also runs a POS Business or someone who has a shop in...
An e-commerce website will enable you accept electronic payment from your customers. Customers will be able to pay for your goods and services directly on your business website using e-payment methods like credit/debit cards, instant payment, and mobile money directly on your website. In this article we will be looking at building e-commerce websites for businesses.
Before Building an e-commerce Website
First, let’s have some reality check. Building an e-commerce website is not an all comers affair. You need to know that accepting payments online is just one part of the process, fulfilling the order is another and perhaps even more...
If you own a shop, store, shopping mall or offer goods and services for sell in Nigeria, you should be preparing your business by now for the takeoff of the cashless policy of the CBN. How ready is your business for accepting e-payment from customers who prefer to shop cashless with electronic payment solutions? Have you started deploying e-payment solutions in your business, shops, and stores?
In this article, we show e-payment solutions that merchants must seriously consider for their business to run smoothly in a cashless Nigeria. Note that cashless Nigeria does not mean that people will stop shopping...
Mobile Money is a payment solution that enables you pay for goods and services with their mobile phones. It is one of the e-payment solutions available to Nigerians in a cashless Nigeria. It is at the core of the CBN’s cashless or cashlite Nigeria policy. In this article we will look at mobile money in Nigeria.
A number of providers have already been licensed by the Central Bank of Nigeria, CBN, to offer mobile money in Nigeria. Some are already rolling out services while others are planning to do so.
List of Mobile Money Services in Nigeria
OPay
MTN MoMo
Paga
...
While browsing through QuickTeller, I discovered a mobile money service I have never heard about before. The name is QikQik mobile money. With a little search about the mobile money service, I discovered that it is promoted by Eartholeum an electronic solutions provider. I also learnt that many months ago (June, 2011) National Directorate for Employment (NDE) launched NDE-QikQik Business Ownership Scheme aimed at creating jobs.
However, outside these there appears to be very little information about the QikQik mobile money service. Apart from a channel for funding QikQik at QuickTeller, there is no other sign of the existence of...
PocketMoni is the Mobile Money service offering of eTranzact. Formally called M-Teller, PocketMoni Mobile Money is a service that enables you create an e-wallet on your mobile phone for making payments, fund transfer, as well as for receiving money. PocketMoni is one of the Mobile Money services in Nigeria like MTN Mobile Money, that will help you survive in a cash-lite or cashless Nigeria.
The attraction in PocketMoni Mobile Money service for us is that it is accessible from most Networks and is supported by many banks. So, it is available to everyone irrespective of network or bank. The downside...
Mobile Banking is a value added service offered by a bank to enable customers conveniently and securely conduct their banking transactions on their mobile phone. A mobile banking platform will enable you transfer funds and check your account balance and statement without having to visit your bank. You can also buy airtime and pay utility bills with your banking platform.
How does Mobile Banking work?
Depending on your bank, mobile banking services are offered mostly via a Java based application, SMS, and more recently mobile apps on the Windows, Android, and/or iOS platforms. Some banks will offer all options but others...
You must have heard about the cashless policy of the Central Bank of Nigeria, CBN by now. Well, if you have not, it is a policy aimed at reducing the volume of physical cash circulating in the Nigerian economy and encouraging e-payment options. Core to the cashless (more like cash-lite) policy is the introduction of daily bank deposit/withdrawal limits above which account holders pay huge transaction costs.
Most articles on the cashless policy so far have focused on either announcing the policy or highlighting the challenges facing it.
Very few have actually focused on what payment and transaction options are available...
MTN Mobile Money (a.k.a MTN MoMo) is a service that enables users to send and receive money as well as make payments for products and services with their mobile phones. With MoMo, you can transfer money to any MTN user within any of the supported African countries. Note that cross-border transfers are not supported for now.
For now, you can only transfer to users within your own country. Mobile Money is offered by MTN in partnership with banks. It is one of a number of mobile money services that are available in Nigeria and across Africa.
MTN Mobile Money enables you...
U-Mo, the mobile money service from Afripay a member of the UBA group currently supports three account types. The three U-Mo e-wallet types vary in terms of their target market, per transaction limit, daily transaction limits and the documentation required for registration. The three U-Mo mobile money account types are U-Mo Silver, U-Mo Gold, and U-Mo Platinum.
U-Mo Silver Mobile Money e-wallet
This is the mobile money service for the masses. U-Mo Silver is the easiest to get as it requires no identification and no documents. All you need is fill a very short form (name, address, sex, occupation, and phone...
U-Mo is a mobile money service from UBA. The UBA U-Mo Mobile Money service is accredited by the Central Bank of Nigeria (CBN) and powered by Afripay, a subsidiary of the UBA Group. UBA U-Mo is a mobile money service, similar to the yet to be launched M-Teller mobile money service from eTransact, which enables users make and receive payments as well as conduct other financial transactions with their mobile phone.
UBA U-Mo enables you create an e-wallet on your mobile phone for handling your transactions like MTN Mobile Money. So, it turns your phone into a wallet. With the...
Google Wallet is a new mobile app by Google that promises to turn your mobile phone to your wallet. With Google Wallet, you can shop and pay for goods and services at physical locations using an NFC (Near Field Communications) enabled mobile phone. Google Wallet replaces your current plastic payment cards, by enabling you store virtual copies of your credit cards and gift cards on your mobile phone, saving you from carrying a multiplicity of physical cards. Google Wallet will also store offers, coupons, and loyalty cards enabling users to save while shopping. Google Wallet is currently available on...
AlertPay opens the door to a lot of opportunities on the internet. You can accept AlertPay as a means of payment for your goods and services. You can also receive money from friends and family via AlertPay once you have an email address, whether or not you have an AlertPay account. After receiving funds via AlertPay the next logical question is how do you withdraw your funds? AlertPay offers a number of ways of withdrawing funds from your e-wallet. You can withdraw from your AlertPay account directly or use the services of independent e-currency exchangers. Here we will discuss...
After opening an AlertPay account, the next step is probably funding it. Sometimes you may be invited to open an AlertPay account if someone sends money to your email via AlertPay even when you do not have an account already. In such a situation your next step after opening an account will be to withdraw the fund from your e-wallet. AlertPay offers a number of ways for funding or withdrawing funds from your e-wallet. You can fund or withdraw from your AlertPay account directly or use the services of independent e-currency exchangers. Here we will discuss ways of funding...
AlertPay is an electronic payment service that enables account holders to send and receive payments over the internet. AlertPay offers a great payment solution for merchants. Your customers can easily pay for goods and services at your online store, website, even email with credit/debit card or with their AlertPay e-wallet. In addition, AlertPay has members in over 190 countries giving you access to a global market.
Selling online via AlertPay is as simple as opening an AlertPay Personal Pro or AlertPay business accounts. Once you open any of these two AlertPay account, you can start selling with AlertPay immediately. Here...
AlertPay is an electronic payment service that enables account holders to easily make and receive payments on the internet. AlertPay is a direct competitor to PayPal. AlertPay and PayPal offer very similar services. The only difference between the two is that while PayPal have refused to accept accounts from Nigeria, AlertPay accepts Nigerian accounts. PayPal also seems to be more popular and has been in the business much longer. However, AlertPay is gradually gaining in popularly and currently boasts of over five million account holders. So if you are looking for an easy and secure way of making and...
Liberty Reserve is an e-currency for easily making and receiving payments for goods and services over the internet. If you are planning selling stuff online, Liberty Reserve is one of the payment solutions worth considering. Liberty Reserve is one of a few payment solutions available to people with no access to credit/debit cards.
Payment is instant and irreversible reducing cost for merchants. Merchants that allow the use of Liberty Reserve as a means of payment for products and services on their website enable millions of internet users without credit/debit cards to shop online.
Receiving payments online via Liberty Reserve is as...
Liberty Reserve is an e-currency for easily making and receiving payments for goods and services over the internet. Once you open your Liberty Reserve account, the next step is funding it. Liberty Reserve SA does not sell the LR e-currency directly; rather you fund your account by buying the e-currency from other LR account holders or funding through an independent Liberty Reserve exchange provider. Here we will provide information about some Nigerian based Liberty Reserve exchange providers. We will focus on Liberty Reserve exchangers who are members of the Global Digital Currency Association (GDCA) and those recognised at the...
Liberty Reserve is an electronic payment system that enables account holders to make secure payments on the internet using value stored in their account. Currently value stored in a Liberty Reserve account can be in US Dollars (USD), Euro (EUR), and Gold gram (gg). Liberty Reserve is an e-currency that allows instant payment. It allows account holders to easily send and receive money online no matter their location or distance apart. Since, Liberty Reserve also stores value in gold, it is also a Digital Gold Currency.
Open a free Liberty Reserve account
To understand Liberty Reserve, look at it as...
eTranzact International PLC has announced the commencement of its Yuletide promotion for both existing and new cardholders. The promo tagged Genesis Yuletide Promo is offering cardholders discount services in over 1,000 shops across the country via the use of their eTranzact Genesis Card; cardholders also stand a chance to win 20 High-Tech Blackberry or Nokia phones and other unique instant items.
Speaking about the promotion, Mr. Adeyemi Opene, Brand Manager of eTranzact said, "In the spirit of Christmas, eTranzact would like to share the joy of the season with our cardholders by offering over 20% - 25% discount in over...
eTranzact is one of the companies that got CBN Approval to offer mobile money services in Nigeria. The new mobile money service now called PocketMoni was formally called M-Teller Mobile Money. Here we will provide our thoughts about the new mobile money e-wallet service and how it may work based on information already released by eTranzact and operation of mobile money services in other countries especially Kenya.
eTrazact has launched the mobile money service as PocketMoni Mobile Money, you can follow the link to read more about the service.
According eTranzact, M-Teller service is a mobile money service designed to provide...
Zmobile is a mobile banking service from Zenith bank. Zmobile (meaning Zenith mobile) enables customers of Zenith bank to carry out various banking and...
Aero Airline (a.k.a Aero Contractors) offers a convenient online platform for handling your flight transaction. At the Aero air online booking platform, you can...
