Mobile Money Operators - Ease at your fingertips

Mobile money operators? Ring any bells? Let me give you a hint *737# -that is a mobile money service which is only one of the cool things mobile money can do for you.

Mobile Money came into existence in 2012, it was brought into existence to compliment the entire spectrum of the cashless policy of 2012 making it more effective.

mobile money operators

So, What is Mobile Money

Mobile money is a secure payment service that enables you to pay for goods and services, receive money, transfer money, buy airtime using your mobile phone and the best part in most cases, you don’t know internet access. All you need to do is simply dial a code and everything becomes accessible by you.

Mobile money transforms your mobile phone into an electronic wallet (e-wallet) which is linked to your bank account. This e-wallet gives you the power to make mobile-based instant payments either by transferring money to your friends and family or buying airtime or paying for bills, you can now do all those stuff without internet using your mobile phone.

Mobile Money & Governance

Mobile Money services in Nigeria are regulated by Central Bank of Nigeria (CBN) and as such they get to create guidelines to ensure the rapid growth and adoption of the system by Nigerians.

CBN is responsible for licensing mobile money operators in Nigeria. We currently have about 21 mobile money operators in Nigeria fully licensed by CBN.

        GTBank Mobile money
        MTN Money
        First Monie
        Stanbic IBTC mobile money
        Paga(my paga)
        Ecobank mobile money
        U-MO Mobile money
        Diamond bank mobile app
        Pay with capture
        Zoto app
        Fortis MFB - Fortis Mobile Money
        Mkudi- Mimo
        Zenith Bank- EazyMoney
        Teasy Mobile -
        PayCom-PIDO(Payment Irrespective of Distance or Obstacles)
        Parkway Projects- Ready cash

Some of these mobile money operators may have shut their services down.

Mobile Money Models in Nigeria

In Nigeria, mobile money operators are divided into 3 models by operations:

  1. Bank-led model
  2. Non-bank model
  3. Operator branded model

Bank-led model

This model is centred around a bank or group of banks seeking to deliver payment services leveraging on the mobile payment system. This license is for bank or group of banks alone.

Non-bank model

This gives the opportunity for corporate organizations to deliver mobile payment services after fully licensed by Central Bank.

Operator branded model

This is a model used by network operators like MTN to their subscribers adding value to them by providing them with a convenient way of paying for goods and services using your mobile phones.

Network operators don’t have licenses but through partnerships with licensed mobile money providers, financial institutions like banks, payment processors they can offer mobile money services to their customers.

Mobile Money Operators in Nigeria

Mobile Money Operators (MMO) are licensed and regulated by CBN. They also must do and follow the guidelines set for them, some of these rules/guidelines include;
  • Being fully licensed by CBN and still subject to review from time to time after being licensed.
  • Be issued a unique shortcode by Nigeria Communications Commission (NCC) that would be used as a unique identifier to carry out mobile payment services.
  • Be issued a unique schema code by the Nigeria inter-bank settlement system (NIBSS) for managing interoperability.
  • Register all mobile money users based on the entire Know Your Customers (KYC) system.
  • The mobile money system would require a registered user to activate the service before any transaction can be made and approved. Activation is done by either creating a PIN or password.
  • Every mobile payment transaction is issued a unique reference code issued by the system ensuring transparency of mobile money operators.
These are just some of the important guidelines:

Mobile Payment Process

Mobile money providers have the responsibility of putting in place and implementing a well-detailed process that covers the entire solution deliver which is mobile money.

This process involves:
  1. User registration and management
  2. Agent recruitment and management
  3. Consumer protection
  4. Dispute resolution procedures
  5. Risk management processes
  6. Transaction settlement

Benefits of Mobile Money to the Customers

Mobile money is a secure mobile payment service solution. What are the little benefits users and customers can get from using the platform?
  • Convenience
  • An easy way of registering
  • Easy to use through shortcodes, SMS, USSD and so on.
  • Security and Privacy of transactions
  • Access to real-time fund details
  • Ability to execute transactions quickly and easily

Introducing GPAY Billing and Aggregator Systems

GPay is a utility payment gateway that deals in instant payment solutions with major roots in easy online payment for electricity bills, water and other utilities.

GPay Billing and Aggregator System is a robust payment platform that allows for seamless bank integrations to facilitate ATM deployment, mobile, online and in-branch utility payment solutions as well as partnerships with other licensed payment services providers.

They also provide world-class business solutions such as collections and revenue optimization platforms and data analytics which would take your business to the next level.


TechAdvance is a payment application development company with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organisations in Nigeria.

No comments:

Post a Comment