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EFInA and eTranzact International PLC launch $350,000 mobile money activation project in North and South West Nigeria
02 September 2014

EFInA has provided a Technical Assistance Grant of $250,000 to eTranzact International PLC towards building a viable mobile payment ecosystem focused on the low-income population in Kano and Ogun States. By incentivising and supporting eligible small businesses to serve as mobile payment merchants and agents, eTranzact International PLC, a provider of mobile banking and payments services, seeks to enhance the penetration of and access to mobile money in Nigeria.

The project which will be piloted in Ogun and Kano State is called “The PocketMoni 500” project. In line with the Central Bank’s cashless policy, the project aims to drive the adoption of mobile money in these States by educating and signing up local merchants and consumers. The first phase of the PocketMoni 500 project which will run for 6 months reinforces eTranzact’s commitment to driving the growth of payments in Nigeria by investing in financial and educational resources necessary to reach the banked and unbanked populations.

Speaking about the project, Mr Valentine Obi, CEO of eTranzact said, “We are very happy to be announcing this project at this time. Since we began our mobile money service in Nigeria, it has been clear that significant effort had to be made by stakeholders at all levels to educate and incentivize merchants and users, and in collaboration with our partners, we will continue to push until the cashless policy goal is achieved. This collaboration with EFInA is the first of a series of strategic partnerships we have planned, we will be launching other similar projects in other parts of Nigeria”.

With low internet penetration as a major challenge to the adoption of mobile money in Nigeria, the key value proposition of eTranzact’s PocketMoni is ubiquity, being able to send, receive money and make payments using USSD, SMS, GPRS/lnternet and the web.

Through this project, EFInA seeks to deepen financial inclusion by increasing the uptake and usage of mobile money by enabling financially excluded communities.