Mobile Money Service (ReadyCash®)
ReadyCash® is a CBN-licensed mobile payment service that provides individuals with a convenient way to create & manage electronic wallets (virtual accounts) where they can store money (mobile money) and execute transactions. In addition, customers can make payments for goods and services (utility bills, phone recharge, and merchant payments) from their mobile phone, anywhere within Nigeria.
ReadyCash® meets with global security best-practices and CBN regulatory requirements for the delivery of mobile payment services in Nigeria. The increased availability of electronic channels for financial exchange represents a bottom-up approach for dealing with the overwhelming cash exchange situation in Africa. Services provided either directly or through dealers/agents, account for a significant proportion of the overall volume of cash transactions. Many of these services affect a great number of banked, under-banked and unbanked Africans; making this segment a very key sector for introducing a paradigm shift by way of the bottom-to-top strategy.
ReadyCash supports administration of wallets created on the virtual account system, facilitating enquiries such as Account Balance, Mini statement and Full Statement. In addition, users are able to manage their Personal Identification Number (PIN) and Secret Word which serve to authorize transactions initiated on ReadyCash.
Virtual Account/eWallet Management
Individuals are able to easily create a virtual account (eWallet) that is uniquely identified by their mobile phone number. Thereafter, funds must be deposited into this wallet through different channels such as; bank branches, online payments, funding at agent locations, etc and stored as electronic value.
Merchant Payments, Bills Payments and Other Purchases
The ReadyCash service also allows enrolled members spend the funds in their wallets in a variety of ways such as; Payment of bills (utility bills, pay TV etc), Purchase of airtime pins, Payments to ReadyCash merchants, Payments for other goods and services that support the ReadyCash payment scheme. These payments are settled to corresponding Merchants’ and Billers’ bank account at Settlement time.
- Secure means of storing value in such a way that it is easily accessible for transacting when needed especially for Individuals without bank accounts (unbanked) or without easy access to their bank accounts (underserved).
- Uses mobile phone technology which is more or less ubiquitous in Nigeria thus service availability is almost guaranteed.
- Access to a variety of services such as funds transfer and bills payment through a convenient and secure interface.
- Access to a variety of secure channels through which they can spend the stored value in their wallets in exchange for goods and services (web, self service kiosks, ATMs etc).