Mobile Payment Implementation – Seven Strategies for Success in Nigeria

Mobile Payment Implementation – Seven Strategies for Success in Nigeria

 

As Nigeria begins to move in the space of m-payment, there are many structures that must be put in place. The nation must have a plan and a cohesive system that will prevent fraud and build trust in the minds of the users of the products.

 

But for developers and organizations that will help implement and structure these systems, there are many challenges and opportunities. It is about SWOT (strength, weakness, opportunity and threat). The following are things that any financial instruction or m-payment player must examine as they design and deploy their products.

 

  • Build a team – first you must have the people. And the right ones.
  • Implement quality core systems –as you build your technology, you have to build the accounting and other key core systems.
  • Understand the legacy limitations – or opportunities? How will you do better than your competitor. What are the drivers in this industry? Where is the volume and what drives that?
  • System design – if you go cloud computing, how will you survive if the cloud network has a problem. What is your fall back strategy? What is your sustainability plan. You need to have that because now, it is all about service availability to the customers.
  • Compliance and governance – CBN is watching and you need to ensure compliance and follow all regulations. What is your IT structure for that?
  • Customer service – that is the king of business. How good are you and what are your plans?
  • Lean and gaining operational efficiencies – Without managing cost, you cannot control profit. You need to be efficient and drive the business with focus.

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