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Nigeria set to become a cashless society
6 Aug 2010


Nigeria is set to take a huge stride towards becoming a cashless society following the release of a new mobile banking service.

The MoneyBox platform allows users to make bank transactions over a mobile phone in conjunction with a scratch card.

Customers simply send the code printed on the scratch card to MoneyBox to receive a PIN and password.

Once the account has been set up, users can carry out a number of operations, including bank transfers, cash withdrawals and bill payments.

David Kay, managing director of MoneyBox Africa, claimed residents will benefit from the new technology.

He told vanguardngr.com: "It [MoneyBox] is a mobile money transfer service that puts people in control of their financial transactions.

"It can also be used with any mobile phone anywhere, anytime and on any mobile network with any bank and by any individual."

Nigerian police officials hope the new service will reduce the risk of theft as consumers begin to carry around less cash.

MoneyBox is funded by Africa Enterprise Challenge Fund, which funds business innovation across the continent in the agricultural and financial sectors.