Co-founder & Business Development Manager, BeepTool CIS Limited, developers of M-naira App, Mayowa Ihinmikaiye, has opened up on the advantages coming with the money transfer platform, saying Nigerians in Diaspora will now have more seamless way to send home their profits.
Business Hilights recalls that Nigerians in the Diaspora send up to $24 billion annually to Nigeria. At an average cost per transaction of 11.89%, Nigerians are spending more than $7 billion in fees.
payment Co-founder & Business Development manager, BeepTool CIS Limited said “m-naira App is a value sharing and money transfer services platform that interconnects all Nigerian bank accounts, Mobile wallets, and billing systems to deliver instant remittance services to Nigeria from anywhere in the world. Whether you’re supporting your family or doing business in Nigeria, m-naira App makes it convenient and safer to Send, Receive, Pay and save cash instantly from your phone, at a quarter of the cost of your bank or high street money transfer provider.”
However, elated ihinmikaiye was quick to note that “We think we can do better. The m-naira App is designed to be the fastest and most secured way to send and remit money home directly to a bank account or mobile wallet. The m-naira app is also designed for paying bills for family and friends from any part of the world.”
“m-naira App works directly with service providers to enable remote payment for services such as utilities, healthcare, school tuition, etc. Nigerians living in rural areas are not left out, as we are connecting them to the financial world using Nano-satellites. This will allow Nigerians in areas with poor or no connectivity use the m-naira app to send and receive payment for goods and service,” he added.
Industry watchers say the app has shown a lot of promises. Having features such as; Instant transfer available from any UK, USA and EU approved countries of the world to Nigeria, with 24/7 delivery, real-time updates on your transfer, so you know exactly where your money is and there is no credit or debit card fees.
Explaining more, Ihinmikaiye averred that “The mobile app, M-naira can be downloaded via Google Play Store for now, with the iOS version coming soon or via website. The m-naira app has a high level of encryption, Know Your Customer (KYC) and security.”
“This scheme is a Rotational Savings Club or a group of individuals who save and borrow together in a form of peer-to-peer banking. Group members contribute funds into a pool on a regular basis (daily, weekly or monthly), and then take turns withdrawing funds from the pool. Rotational Savings Clubs are also known as Ajo, Esusu or Otataje in Nigeria.
“Pay with m-naira feature is a contactless payment method using a QR code scan from the m-naira app, users can make mobile payments at stores and to merchants.
“Blink with m-Naira feature is mobile payment method available in the m-naira app allowing users to make payments (in-store and online) with the use of a one-time password (OTP) pin eliminating the use of ATM cards for shopping online, withdraw and deposit cash at agent locations. m-naira BLINK can be used by m-naira app users and customers of m-naira app partner banks. All banks in Nigeria are on the m-naira app network.
Concluding the App developers believed that “The future of mobile payment in Nigeria and Africa at large will be shaped by fintech companies and mobile apps like m-naira.”
