In my last blog on this issue, I posed the question “Who will be the Leaders?”. In this blog, I would like to assess the chances of the contenders.
Fortis Mobile Money
Fortis MicroFinance Bank is the only micro finance Bank that was granted mobile payment approval by the Central Bank of Nigeria (CBN) thereby giving rise to Fortis Mobile Money. Its technical partner is Fundamo, the world's largest specialized mobile banking and payment software solution provider. Fundamo is a VISA company actively covers the whole of Africa, South America, Mexico, North America, and Pakistan. The CEO of Fortis Mobile Money is Mr. Henry Nwawuba. Would it be one of the leaders in the mobile money game because it claims it would leverage on the understanding of bottom of the pyramid to provision low value and high volume business opportunities? Only time will tell. Good platform; Good Leadership. Its challenge would be how to spread its agent network round Nigeria or it may remain a regional player. Hmmm….Maybe that is its strategy.
UBA/Afripay
Branded as “U-Mo,” UBA/Afripay’s mobile money product is a major contender in the mobile money space. It can boast of using UBA’s 700 branches as agents for the service. A recent deal was struck between UBA and Globacom to increase the availability of this service. With the wide mobile coverage of Glo in the country, the Glo-UBA partnership will ensure that the U-Mo product is available in the remotest parts of the country, from the smallest village and local markets to the largest towns, in line with CBN’s objective of enhancing financial inclusion through a “secure, convenient and reliable” mobile money account. During the signing ceremony, Glo also launched its television commercial on Glo Text Cash, the platform on which the UBA’s U-Mo will run. The CEO is Mr. Yinka Adedeji. Good Leadership; Good agent network spread. A strong contender for the leadership position
GTBank Mobile Money
GTBank and MTN joined forces to roll out GTBank Mobile Money. These are two known leaders in their respective fields and it is expected that their partnership will bring forth a leader too. MTN is experienced in this industry as it has launched its mobile money offering in several African countries. I am sure the only reason it is not named MTN Money as in other areas is because of CBN’s regulation that none of the companies should be telco led. One would expect that as soon as it is launched commercially, all MTN subscribers would be able to use the service. GT Bank is a major player in the financial services industry and is a strong asset base and about 150 branches in Nigeria. This service will be managed under the bank’s group structure. Good platform; Good agent network; Rich cognate experience. I would say that this would be the leader considering all the elements of success in this business.
Pagatech
This is one of the independent operators led by Tayo Oviosu. Mr Oviosu says that Paga is available on all mobile networks and is delivered to customers in partnership with strong local banks, microfinance institutions, retailers, non-governmental organisations, and public sector organisations. I am sure this is made possible because of their partnership with the ubiquitous Interswitch. Mr Oviosu will need to do a lot to make his impact felt if he wants to be in the top three. Well, who knows, he may have an ace up his sleeve. Good Leadership….
Eartholeum
Eartholeum Networks, another independent operator, believes its QikQik (pronounced Kwik-Kwik) Initiative has the potential to become the lever for the emergence of new financial services industry driven by the unbanked. It is built on the proven, tested and secure financial services carrier grade Postilion technology. QikQik is said to be unlimited by Telco or bank affiliations. This company is led by Mr Adebola Adeyinka. Good team….
ETranzact
The list would not be complete without Mr. Valentine Obi. He has been around in the provision of ebusiness services in Nigeria. M-Teller is Etranzact’s answer to Nigeria’s mobile money question. ETranzact’s M-Teller is said to be Network independent and bank independent. It runs on Etranzact’s indigenous multi-application and multi-channel electronic transaction switching and payment processing platform. I would expect that all Etranzact cardholders would automatically become subscribers. Cognate experience in ecommerce; robust platform….
Monetise
The scene is set for Monetise, a UK based mobile money outfit to roll out its platform in Nigeria after getting its license from CBN. Monitise Plc is a technology company delivering mobile banking, payments and commerce networks worldwide. It has live services in the UK, US, India and Africa and also has a global alliance agreement with VISA Inc. It is supported in Nigeria by the Africa Enterprise Challenge Fund. Cognate Experience; Good platform….It will need to have a good strategy for rollout and availability across Nigeria.
Ecobank
Recently Ecobank and Airtel joined forces to promote mobile banking across Africa. In this line, it would be expected that this partnership will be enforced in Nigeria. Airtel already has a mobile money service that it is launching across Africa – Zap, now known as Airtel Money. It is expected that Ecobank would use this platform in its rollout in Nigeria. Airtel Nigeria must have pursued this route with Ecobank a Pan-African bank because it was affected with CBN’s “No-telco led company” rule. Cognate Experience, Good network…..Another strong contender for the crown.
MKudi
MKudi has partnered with EMIDA, a leader in the global pre-payment and value transfer transfer market to provide a robust payment platform for its mobile money offering. Not much is known about its strategy but the management of Mkudi must realize that they have a formidable task to get a piece of the mobile money market in Nigeria.
Paycom and FET
Not much is known about these two companies except that they got the licenses too. Well as with Mkudi, they should fashion out strategies to keep them in the game.
Summarily, I would like to wish all these companies the best. Getting the license is one thing but operating efficiently and making profit is another kettle of fish. Good luck.
Fortis Mobile Money
Fortis MicroFinance Bank is the only micro finance Bank that was granted mobile payment approval by the Central Bank of Nigeria (CBN) thereby giving rise to Fortis Mobile Money. Its technical partner is Fundamo, the world's largest specialized mobile banking and payment software solution provider. Fundamo is a VISA company actively covers the whole of Africa, South America, Mexico, North America, and Pakistan. The CEO of Fortis Mobile Money is Mr. Henry Nwawuba. Would it be one of the leaders in the mobile money game because it claims it would leverage on the understanding of bottom of the pyramid to provision low value and high volume business opportunities? Only time will tell. Good platform; Good Leadership. Its challenge would be how to spread its agent network round Nigeria or it may remain a regional player. Hmmm….Maybe that is its strategy.
UBA/Afripay
Branded as “U-Mo,” UBA/Afripay’s mobile money product is a major contender in the mobile money space. It can boast of using UBA’s 700 branches as agents for the service. A recent deal was struck between UBA and Globacom to increase the availability of this service. With the wide mobile coverage of Glo in the country, the Glo-UBA partnership will ensure that the U-Mo product is available in the remotest parts of the country, from the smallest village and local markets to the largest towns, in line with CBN’s objective of enhancing financial inclusion through a “secure, convenient and reliable” mobile money account. During the signing ceremony, Glo also launched its television commercial on Glo Text Cash, the platform on which the UBA’s U-Mo will run. The CEO is Mr. Yinka Adedeji. Good Leadership; Good agent network spread. A strong contender for the leadership position
GTBank Mobile Money
GTBank and MTN joined forces to roll out GTBank Mobile Money. These are two known leaders in their respective fields and it is expected that their partnership will bring forth a leader too. MTN is experienced in this industry as it has launched its mobile money offering in several African countries. I am sure the only reason it is not named MTN Money as in other areas is because of CBN’s regulation that none of the companies should be telco led. One would expect that as soon as it is launched commercially, all MTN subscribers would be able to use the service. GT Bank is a major player in the financial services industry and is a strong asset base and about 150 branches in Nigeria. This service will be managed under the bank’s group structure. Good platform; Good agent network; Rich cognate experience. I would say that this would be the leader considering all the elements of success in this business.
Pagatech
This is one of the independent operators led by Tayo Oviosu. Mr Oviosu says that Paga is available on all mobile networks and is delivered to customers in partnership with strong local banks, microfinance institutions, retailers, non-governmental organisations, and public sector organisations. I am sure this is made possible because of their partnership with the ubiquitous Interswitch. Mr Oviosu will need to do a lot to make his impact felt if he wants to be in the top three. Well, who knows, he may have an ace up his sleeve. Good Leadership….
Eartholeum
Eartholeum Networks, another independent operator, believes its QikQik (pronounced Kwik-Kwik) Initiative has the potential to become the lever for the emergence of new financial services industry driven by the unbanked. It is built on the proven, tested and secure financial services carrier grade Postilion technology. QikQik is said to be unlimited by Telco or bank affiliations. This company is led by Mr Adebola Adeyinka. Good team….
ETranzact
The list would not be complete without Mr. Valentine Obi. He has been around in the provision of ebusiness services in Nigeria. M-Teller is Etranzact’s answer to Nigeria’s mobile money question. ETranzact’s M-Teller is said to be Network independent and bank independent. It runs on Etranzact’s indigenous multi-application and multi-channel electronic transaction switching and payment processing platform. I would expect that all Etranzact cardholders would automatically become subscribers. Cognate experience in ecommerce; robust platform….
Monetise
The scene is set for Monetise, a UK based mobile money outfit to roll out its platform in Nigeria after getting its license from CBN. Monitise Plc is a technology company delivering mobile banking, payments and commerce networks worldwide. It has live services in the UK, US, India and Africa and also has a global alliance agreement with VISA Inc. It is supported in Nigeria by the Africa Enterprise Challenge Fund. Cognate Experience; Good platform….It will need to have a good strategy for rollout and availability across Nigeria.
Ecobank
Recently Ecobank and Airtel joined forces to promote mobile banking across Africa. In this line, it would be expected that this partnership will be enforced in Nigeria. Airtel already has a mobile money service that it is launching across Africa – Zap, now known as Airtel Money. It is expected that Ecobank would use this platform in its rollout in Nigeria. Airtel Nigeria must have pursued this route with Ecobank a Pan-African bank because it was affected with CBN’s “No-telco led company” rule. Cognate Experience, Good network…..Another strong contender for the crown.
MKudi
MKudi has partnered with EMIDA, a leader in the global pre-payment and value transfer transfer market to provide a robust payment platform for its mobile money offering. Not much is known about its strategy but the management of Mkudi must realize that they have a formidable task to get a piece of the mobile money market in Nigeria.
Paycom and FET
Not much is known about these two companies except that they got the licenses too. Well as with Mkudi, they should fashion out strategies to keep them in the game.
Summarily, I would like to wish all these companies the best. Getting the license is one thing but operating efficiently and making profit is another kettle of fish. Good luck.
