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Mobile Payment Service

With over 100 Million users of Mobile Phones in Nigeria, Mobile phone has come to stay and has now become a part of Nigerians just like a purse is to a woman.- Can”t go anywhere without it.

All over the world, cash is still the king. cash is still mainly used in exchange for goods and services. The issue with cash in Nigeria is that banks are mainly in the cities and urban areas meanwhile a considerable number of Nigerians live in semi-rural and rural areas. That is where mobile payment comes in since there are more people than bank-branches.

Mobile payment is the system where payment for goods and services are don through the use of mobile phone. An application is loaded on your phone which you can load some money on and you can transfer part of the money on your phone to either another mobile payment or a bank account.

Is it possible to start a mobile payment in educational institutions?

A lot of institutions do not have branches of a bank or ATMs and for those that have ATMs, the queue is crazy or the ATM is out of order and it is important for students to have cash.

It is also possible to be a pay-out centre where those with mobile payment solution can transfer money to your bank account while you give them cash (with a fee) or they give you cash while you transfer equivalent amount to the student’s bank account( for a fee).

STEPS TO BE  A MOBILE PAYMENT SERVICE CENTRE

Register with one of the CBN licenced Mobile Payment Solution Providers eg. Paga, Pocketmoni etc.

Load your mobile payment with money (N100,000.00)

Get a good place to provide the service.

People can come to you to transfer money into t heir account instead of going all the way to the bank. There are risks involved and it is important that you understand the risk before going into this kind of business.

For a business plan and advisory on Mobile Payment Service, get in touch.

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