Western Union and eTranzact launch a new mobile transfer service in Nigeria
Western Union and eTranzact have agreed to launch a new service for mobile money transfers in Nigeria, according to Ventures magazine.Western Union and eTranzact have agreed to launch a new service for mobile money transfers in Nigeria, according to Ventures magazine.
Its aim is to improve access to finance in Nigeria and eventually on the whole continent.
Any customer using eTranzact, the local payment system specialist, particularly its eTranzact Mobile Money platform, will be able to receive transfers from American company Western Union on their mobile phones.
The funds can then be used to pay bills, still from one's mobile, to pay for their food shopping or to make further money transfers.
Valentine Obi, eTranzact Managing Director and Chief Executive Officer believes that the "relationship with Western Union will allow for 24/7 access to money transfer transactions".
Even though Nigeria is Africa's most populated country, the development of mobile banking services there has been slow.
Only 32.5 per cent of the population has a bank account.
However, 63.9 per cent of Nigerians own a mobile phone which offers a solution for locals without access to finance to rectify this problem.
Data reported by the International Business Times suggests that the market for mobile finance in the country would be worth $61 billion.