Mobile Money Service (ReadyCash®)

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.

Key Features

Account Management
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.

READ MORE

Key Benefits

Customers

  • 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).
READ MORE

Relevant Business Segment

Mobile Money Service (ReadyCash®)

REQUEST A DEMOMORE SOLUTIONS OVERVIEWDOWNLOAD PDF

Strong health is a result of regular exercise and hygiene. How can remedies hels up? Undoubtedly, one of the best place where families can order medicines is WEB. Discount medicine services allow consumers to gain access to their prescriptions at a fraction of the cost. For instance Some remedies used to treat several infections, such as some dental abscesses. Amoxil does not work for flu and some other infections. One of the most famous preparation is Cialis. What about generic online and sexual problems? How you can find correct info about cheap cialis? Whilst erectile dysfunction is more common among older men, that doesnв’t make it. Sex drive disorders are so often a product of how you feel that there is slightly to that “headache” saying after all. Mostly, this may include diabetes, doldrums, or a venous leak. If you choose to get medicaments like Cialis online, always get a valid recipe before do it. As sure as a gun you must take unwanted side effects in consideration before buying this medicine. Keeping this info in view, do some research to see if online apothecary offering discount drugs could be the right fit for you to help your family save money on good medicine.