Nigeria: eTranzact invests USD 350,000 into mobile money project

Tuesday 2 September 2014 08:05 CET | News

eTranzact International has unveiled the investment of USD 350,000 into a mobile money activation project in collaboration with EFInA, a financial sector development organisation.

The project which is set to be piloted in Northern and South Western Nigeria is called “The PocketMoni 500” project. As part of the terms of the grant, eTranzact is also set to put in USD 100,000 and will drive the execution of the project. The first phase of the PocketMoni 500 project is set to run for 6 months.

The project which is in line with the Central Bank’s cashless policy has kicked off in Kano and Ogun States in Northern and South Western Nigeria respectively, and is aimed at driving the adoption of mobile money in those areas by educating and signing up local merchants and consumers.

EFInA is funded by the UK Government’s Department of International Development (DFID) and the Bill & Melinda Gates Foundation, and has been championing financial inclusion in Nigeria since it was established in late 2007.

eTranzact, a multi-application and multi-channel electronic payment processing company, was founded in September 2003. Its services include products which cut across aspects of the e-payment space such as ATM, internet, POS and mobile. The company has deployed its mobile payment services to banks and non-bank financial institutions alike and was recently granted a license by the Central Bank of Nigeria to provide Mobile Money services to individuals with a special focus on the unbanked.

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Keywords: eTranzact, mobile, money, project, EFInA, financial, pocketmoni
Categories: Payments & Commerce
Countries: World
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