The compelling need to make transactions cashless without visiting a bank, thereby improving access to basic financial services such as consumer accounts, person-to-person transactions and remittances among the estimated 100 million Nigerians who are unbanked led the Central Bank of Nigeria (CBN) licensing financial and non-financial institutions to carry out mobile payment services.
ChamsMobile, one of the non-financial institutions licensed to provide mobile banking services, has successfully transited from pre-pilot phase into the pilot phase of its services in Lagos as far back as February of 2011. The phase in which the ChamsMobile Solution drives basic transactions such as airtime vending, utility bills payment, international remittances, cardless withdrawals from ATMs, as well as fund transfers, without the customer visiting a bank.
In a statement, the company representative stated:
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We have tested our mobile banking software, procedures, using end users and agent networks to ensure that they meet the regulatory standards of the CBN. This is because we are cognisant of the fact that mobile payment services have not been implemented before in Nigeria and we cannot afford costly mistakes
ChamsMobile will leverage its parent company’s wealth of experience and strong partnerships to expand Nigeria’s financial circle through an all-inclusive strategy to reach the unbanked and offer them a platform for empowerment that will change the way they transact business and live daily.
The inclusion of biometrics in this system offers the last and most valid way of authentication and will surely make ChamsMobile the choice of users in the country since it will be very safer.