Customers in Nigeria can now transfer money in Nigeria and through a "Mobile Wallet", using the safe, convenient, fast and easy-to-use u-mo Mobile Money service. Mobile Money service is as easy to use as a mobile phone and registration for the service is absolutely free. Customers will be able to transfer money from one person to the other, and buy Airtime Top-Ups using their Mobile Money Wallet.
The service will also enable customers to pay utility bills, Dstv subscriptions, make merchant payment and buy wide range of services and transfer payments.
Mobile Money will provide an important new service to hundreds of thousands of people in Nigeria deliver security and peace of mind. There is a significant market of people who currently rely on cash-based financial services, including money transfer services, to support their families. The launch of this new service will provide them with an important and safe alternative.
Mobile Money service provides every customer with a "mobile wallet an automatic account that can be accessed via mobile phone.
Customers with Mobile Wallets can also buy Airtime top ups. They will even be able to withdraw cash from ATMs because CBN has given order for the release of 45,000 Mobile Money compliance ATM Machines for a start.
Mobile Money service will be particularly helpful for a significant number of so- called “underbanked” or “unbanked” customers or individuals who do not have access to traditional banking facilities. With the launch of the “mobile Wallet” service in Nigeria, a vital first step has been achieved that will provide customers and individuals with safe and convenient banking solution. Mobile services would be percolated down to the lowest income groups.
Nigeria with only 18 million Bank accounts and 62 million Mobile Phone subscribers is posed to be Africa’s biggest market for Mobile Money in coming months. Despite the late start of Mobile Money in Nigeria, the strong compelling needs of the millions of unbanked populations will propel it to enviable heights that will surpass Kenya’s seemingly achievements with 6.5m subscribers with MPESA in coming years.
With four world class Mobile operators, 25 large commercial Banks and 840 micro Finance Banks and an addressable market of 140 million people and newly released guidelines for Mobile money by the National finance regulator, The Central Bank of Nigeria, the stage is set for Africa’s most populous Nation to commence Mobile money roll outs.
Meanwhile, the Central Bank of Nigeria (CBN) has issued approval-in-principle licenses to 16 mobile money operators to carry out a pilot programme of a mobile financial services system for a period of four months to demonstrate that the system can work in the country.
With active mobile phone subscriptions in Nigeria at 88.3 million in December last year, experts have highlighted the potential of mobile phones to provide financial services to more than two-thirds of Nigerians who are unbanked.
According to the Enhancing Financial Innovation & Access (EFInA) report, 67 per cent of Nigeria's population are unbanked and 78 per cent of the nation's rural population are without bank accounts.
Nigeria's unbanked rates reflect Africa's average, with only 20 per cent of African families having bank accounts.
However, with Africa having the fastest growth rates of mobile phone market in the world, the continent is now creating financial solutions that depends on mobile phone platforms.
The International Telecommunications Union estimates mobile subscriptions across Africa have more than tripled to 333 million since 2005 and in South Africa, the DRC, Zambia and Kenya, mobile phone banking has offered services to remote areas where conventional banks have been physically absent.
These subscribers are currently opening accounts, checking their balances, paying their bills, transferring money, and catering for their daily financial needs without ever entering into a bank.
A survey in Kenya last year reported that over 95 per cent of users rated mobile-based payments as quick, easy, safe, convenient, describing it as cheaper than other options of paying or receiving money.
Mobile money has already started seeing early adoption in the hospitality industry as Protea Hotel has set up the infrastructure to allow their guests and customers to spend all they want in the hotel without pulling out a naira note.
According to Seun Oshunkoya, Director of Protea Hotel, Ikoyi,
“What we feel for our guests and clients is that it’s a wonderful and convenient way to make transactions. Mobile money is very safe and secure and provides our guest with value-added services that they can utilize. For us, mobile money is a great way to pay some of our staff, and provides the ability for the staff to be paid in a simple and secure way. We feel that for our guests and clients, this kind of service will entice them to come here and pay for goods and services as easy as secure.”
We are proud to be offering this fully- comprehensive service to the people of Nigeria, to ensure that everyone has the benefit of the secure mobile money solution.
For Further Information send text (sms) in this format, *mobile money* your name*email* phone number* location*to mobilemoneybizness@gmail.com, mobilemoneyagents@gmail.com or send text to 08139404936, 08159671880
In Nigeria, a majority of the population lives in rural areas, but the banks and the jobs are situated in the cities. In the past many use the postal money order or friends and relatives to send money to their villages.
It is a fact that many people who have no access to banking services needs to transfer and receive money conveniently. And with mobile money transfer this can be done at the push of a button.
To transfer money, the customer had to hand over the money to a trained and appointed agent, plus a transfer fee. Through a computerized process, secured by passwords and PINs, the agent would transfer the payment to the customer’s phone. The customer would then simply press ‘send’ for it to reach the family member. The family member on the other end would then go to the agent in the village and cash the money from the phone.
The Central Bank of Nigeria( CBN) does not shy away from innovation that they are bringing mobile financial services to Nigerians without bank accounts in a new initiative. Mobile money is easier--people receive the money on their phones and can withdraw/store money when they want to, and the security risks are far lower.
"What's innovative is the ability to use mobile phones not just as a way to receive payments, but as a way to "store value"--so people can spend some money from their phones in stores/merchants, and they can also keep money on their phones so that it serves as a "wallet." This is the foundation for using mobile phones as a vehicle to receive and manage a range of financial services in the future," says Portella, international aid non-profit Mercy Corp sspokeswoman . "Hopefully, people will eventually use their phones as bank accounts, and to receive and send money to loved ones. For a country where most people don't have a bank account but almost everyone has a cell phone, that's an exciting possibility."
What is U-Mo Mobile Money Account?
U-Mo is an instant account opened on your mobile with just your contact details and mobile number. U-Mo then allows you to do banking transactions with your mobile account anytime, anyday! With your U-Mo account, you can now send/receive money, save money, pay bills and lots more.U-Mo is a mobile money service from UBA. The UBA U-Mo Mobile Money service is accredited by the Central Bank of Nigeria (CBN) and powered by Afripay, a subsidiary of the UBA Group. UBA U-Mo is a mobile money service.
U-Mo is a registered trademark of Afri-Pay Limited. Afri-Pay Limited is a mobile payments service provider offering mobile financial services to the population across Africa.
Now you can transfer, withdraw money, pay your bills and top up airtime on your phone.
Enjoy all the possibilities and comfort that a mobile phone can offer. Every transaction is authorized with your PIN number.
U-Mo is a mobile payment service that enables you to carry out various financial transactions using you mobile phone from United Bank for Africa (UBA).
Using U-Mo, financial transactions such as savings, payments for goods and services, money transfer access to cash, etc can be carried out on mobile phone device, 24/7.
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TO BECOME A REGISTERED CUSTOMER
UBA U-Mo enables you create an e-wallet (mobile wallet) on your mobile phone for handling your transactions. So, it turns your phone into a wallet. With the value on your U-Mo account you can pay for goods and service, top-up your phone, and transfer and send money to friends, family, and colleagues.
UBA U-Mo requires a Java enabled phone. However, the MoU between Glo and Afripay will enable all Glo subscribers irrespective of their type of phone to access the U-Mo mobile money service. Note that subscribers to other networks can still use the U-Mo mobile money service, but will have to download and install a Java application first, steps that will not be necessary for Glo subscribers.
The beauty of U-Mo mobile money is in its simplicity. Because it is not a bank account, but an e-wallet, you do not need too much requirement to use it. You can even open a U-Mo account by just by visiting us -trained and accredited agents for registration and opening of your U-Mo account filling a form. You do not even need to have a UBA account or any bank account for that matter.
U-Mo mobile money service requires registration
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Registration is free but you have to visit us, trained and appointed U-Mo agent and complete enrollment form to open your U-Mo account.
Once the enrollment process is completed, as we have said earlier you will receive an SMS informing you that your enrollment has been completed. You can then download the U-Mo and proceed to activation
ACTIVATION:
The activation process involves the creation of the PIN which will be used for all the transactions. To register your U-Mo PIN, you have to access your U-Mo app and choose the menu item “ACCOUNT MAINTENANCE” and then the menu item ACTIVATE. You will then type the information asked on the screen which is your “Age”, “Secret Question”, “Secret Answer”, “PIN” and “Confirm PIN”.
After that, you can visit us appointed and trained U-Mo agent or UBA branch nearest to you and deposit money into your U-Mo account.
You can then use U-Mo to:
- withdraw cash,
- pay for goods & services on the internet
- pay bills like PHCN, Dstv, Hitv, Water bills, etc using your bills payment options.
- transfer money
- Withdraw cash at the ATM with your phone
- Receive payments
- A student could sent a request for cash to parents
- Payment at the point of sales for goods and services
- Pay for goods and services at at merchant location, like supermarkets, corner shops petrol stations
- Save money/cash-in
- Move money from bank account to U-Mo
- Send money from your U-Mo to bank a/c
- Withdraw from agents/Cash- out
- Check balance and statement summary
- Top up airtime for self or buy for others through your mobile phone
limits for the various transactions performed using U-Mo (Categories of Subscribers/customers)
No identification is required
Provide name, address, phone number
Single transaction limit of N3,000
Maximum limit of N30,000 per day
U-Mo Gold (the semi-banked or underbanked -savings account required)
Provide your savings account number in any bank in Nigeria
Or provide documentation required for a savings account
Single transaction limit of N10,000
Maximum limit of N100,000 per day
U-Mo Platinum (the banked -current account required)
Provide your current account number in any bank in Nigeria
Or provide documentation required for current account
Single transaction limit of N100,000
Maximum limit of N1,000,000 per day
What is the eligibility criterion for using U-Mo?
Any mobile phone subscriber can open a U-Mo account on his/her mobile phone. However, the user must be enrolled by an agent. To be enrolled the user must complete and submit the one-page enrollment form and thereafter install and activate the U-Mo application on the phone.
Come Now, Register and Open your U-Mo Account Through Us (trained & appointed agents) And Begin To Enjoy The Most Convenient Way To Do Transactions From The Comfort of Your Homes
Enjoy all the possibilities and comfort that a mobile phone can offer. Every transaction is authorized with your PIN number.
Note: The mobile money transfer business is CBN money policy initiative. You are to do your own due diligence before taking advantage of this write up and do not give money just to anybody in the street.There are accredited and licensed agents and trainers. Check up CBN guidelines.
Note: The mobile money transfer business is CBN money policy initiative. You are to do your own due diligence before taking advantage of this write up and do not give money just to anybody in the street.There are accredited and licensed agents and trainers. Check up CBN guidelines.
