Business
‘Mobile Money ll Take Service To Unbanked Nigerians’
The Managing Director, FETS Nigeria Limited, Mr. Dare Owolabi, has said the mobile money technology will take banking service to unbanked Nigerians.
He said in an interview with newsmen on Wednesday, “We have a lot of people that don’t have bank accounts and they are the target. For example, you and I have bank accounts; but people in the rural areas don’t. “So that will be their device to transfer money. So, if you have a mobile phone, you can use it to make transactions and purchase goods anywhere you are or transfer money to friends and families.”
According to him, the unbanked Nigeriansa will be reached through marketing, awareness and agent networks.
He said, “It is like the Western Union, you go to agents; the agents are the people you know in your surroundings. Let’s look at the villages, for example, if Babatola is a chairman of the barber association, he is the agent and he is known, they will be able to work with him. That is the model we are trying to build; we have the agent, we have the dealer and the sub-dealer.”
Owolabi, whose company is awaiting the Central Bank of Nigeria’s full licence to operate the business, said he was positive that the licence would be granted his company.
He said, “We have demonstrated during the pilot scheme stage, with the provisional licence, that we have the capacity to do the business. As soon as CBN gives us the go ahead, we will start because our agents are everywhere. We have agreements with Airtel, Etisalat and we are talking to MTN and Glo.”
On security, Owolabi said,” It is secure because at the end of the day, you can’t do a transaction without having a pin.”