Connect with us

E-Financial

BeepTool Unveils Seamless Mobile Payment, Money Transfer App

Published

on

Spread the love

BeepTool, an indigenous tech start-up based in Lagos Nigeria has unveiled m-nairaApp, designed to bridge the gap in financial inclusion, mobile payment and remittance space.

m-naira mobile app has been described by industry watchers and stakeholders as a timely intervention in the mobile payment ecosystem, contributing to the country’s stride towards a full cashless economy.

As of today, 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. 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.

Speaking to the media, Mayowa Ihinmikaiye, 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.”

“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.

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.

The mobile app can be downloaded via Google Play Storefor 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. The developers of the app took it a bit further by helping the unbanked to save money via the m-naira Ajo scheme.

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 and stores in Nigeria are in the m-naira app network.

We believe strongly that the future of mobile payment in Nigeria and Africa at large will be shaped by fintech companies and mobile apps like m-naira.

Continue Reading
Advertisement
Comments

E-Financial

AfDB Blacklists Nigerian Firm, Its MD for Alleged Fraudulent Practice

Published

on

Spread the love

African Development Bank (AfDB) Group has announced the debarment of Lutoyilex Construct Limited, a construction company registered in Nigeria and Mr. Bamidele Obiniyi (also known as Mr. Bamidele Abayomi), its managing director, for a period of 36 months.

 

An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Lutoyilex Construct Limited engaged in fraudulent practice while bidding for a construction contract under the Agricultural Transformation Agenda Support Program Phase One in Nigeria (ATASP-1).

 

According to the AfDB, while participating in a tender for the construction of social infrastructure in Niger State of Nigeria, the company misrepresented its experience in conducting similar construction contracts.

 

The debarment renders the company and its Managing Director ineligible to participate in Bank-financed projects during the debarment period.

 

The debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions, including the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the World Bank Group.

 

ATASP-1 is financed under the African Development Fund administered by the African Development Bank Group.

Continue Reading

E-Financial

Man Allegedly Hacks into Wema Bank Account, Steals N4m

Published

on

Spread the love

Nonso Okereke, a 29-year-old man has been being arraigned before an Igbosere Magistrates’ Court in Lagos for allegedly hacking into a Wema Bank account and stealing N4 million.

 

Okereke, allegedly committed the offence in connivance with Emeka Onumba, 36-year-old man.

 

Inspector Ingobo Emby, the police prosecutor, who brought the suspects before Magistrate A.O. Alogba, claimed that the duo committed the offences sometime in January at Wema Bank headquarters, located at 54, Marina Street, Lagos Island.

 

He informed the court that the defendants hacked into an account of Wema Bank, fraudulently transferred N4 million into various accounts, and later withdrew the money and shared, which the prosecutor said contravened Sections 287 and 411 of the Criminal Law of Lagos State.

 

When the charges were read to them, the suspects pleaded not guilty, while the magistrate granted them bail in the sum of N400,000 each with two sureties each in like sum who must have N500,000 in their bank accounts, with the case adjourned till July 18 for trial.

 

But as a result of the fear created by this report last week, Wema Bank has emphasised that its system was never hacked by the suspects, assuring customers that their deposits were safe.

 

“Wema Bank remains committed to protecting the funds of their customers and offering safe and secure banking services,” the financial institution said.

 

Explaining what happened, it was gathered after an investigation that the said sum was fraudulently withdrawn from the Wema Bank account of Maxwell Odoemenam without his consent by swapping the customer’s SIM card through the telecom company.

 

The SIM card swapped was due to failed controls on the part of the telecoms firm who did not carry out due diligence before allowing the SIM card swap. This is beyond the control of the bank, as they do not issue SIM card to customers, we learned.

 

The investigation further reveals that the customer had initially visited our Lawanson branch on 20/12/2018 to request for the balance in his account and when he was availed his account balance, he discovered that there was a shortfall of N20,100.00 in his balance. Further review of his statement of account revealed that the sum of N19,000 was transferred from his account via USSD platform into the account of one Amadi Promise in Union Bank, while the balance of N1,100 was used to purchase airtime recharge for his mobile line.

 

He however claimed that he did not register for USSD or any online platform with the bank thus, the transactions were fraudulent and not at his instance.

 

Upon interrogation of the customer, he explained that he had earlier visited Airtel Office to complain of network downtime on his phone number (08121730557), which he registered with the bank and he was notified by a staff of Airtel Office that someone had tampered with his SIM card, hence, he visited our Lawanson branch to request that his phone number be changed to another.

 

The staff of Lawanson branch (Wema Bank) who attended to the customer claimed that he advised the customer to allow the bank to place a debit restriction on his account to avert further fraud on it but that the customer did not agree with her but rather requested for a change of telephone number on the account because it is his business account and that he did not want any restriction on it so as not to disrupt his business.

 

Hence, restriction was not placed on his account but his profile was deactivated on the USSD platform.

 

The customer however denied the assertion that he rejected the Officer’s advice on placing a restriction on his account.

 

Unknown to the customer, after the initial N20,100 transactions, the fraudster(s) had already enrolled the customer on ALAT platform using the customer’s telephone number and other BVN details.

 

The telephone number was fraudulently swapped at the Telecommunication company which gave them access to the customer’s BVN details on NIBSS platform.

 

Upon the successful enrolment of the customer’s account on the ALAT platform, funds totalling N4,056,500.00 were fraudulently transferred to Adanna Mary Opara (N210,000.00), Okeke Favour (N100,000.00), Onumba Peter (N3,646,500.00) and Anyanwu Chinonyerem (N100,000) in Access, Union and GTBank, respectively.

 

The bank has refunded the customer with the lost funds and got the fraudsters arrested through the instrumentality of the Police to ensure substantive justice on the matter.

 

Onumba Peter, one of the fraudsters apprehended by the Police claimed that one Nonso Okereke introduced the fraud to him.

 

 

Continue Reading

E-Financial

SystemSpecs, NIBOX Ink Deal to Deepen Financial Inclusion

Published

on

Spread the love

SystemSpecs, the Nigerian company with interests in financial technology, designs and development of human resource management, (HRM) solutions and NIBOX, a multi-platform payment solution provider, have entered a partnership to extend financial products and services to the banked, under-banked and unbanked in the country.

 

SystemSpecs in a statement, said it would leverage NIBOX’s self-service payment terminals strategically located throughout Nigeria, and online through its innovative mobile platforms.

 

Through this partnership, it added that services such as federal and state governments’ payments, electricity recharge token, airtime and data phone top-up, cinema tickets purchase, insurance premium payment, cash transfers and other utility bills would be accessible on NIBOX touch points.

 

It added NIBOX had deployed 55 terminals in Lagos and Abuja, with plans to deploy additional 500 terminals in Lagos and Abuja by the end of 2019.

 

“We are glad to be collaborating with SystemSpecs to deliver new services to customers. Indeed, the value proposition and attainments of the Remita brand are a boost for this partnership and would ultimately be to the advantage of the end-user, who would now have improved access to various services and products across Nigeria,” Dr George Manuwuike, chief Executive officer/founder, NIBOX, said.

 

“This partnership is also in line with our aim of becoming the fastest and most convenient platform for cash payment for broad-based goods and services for public and private sectors,” Manuwuike added.

 

Commenting on the development, Demola Igbalajobi, SystemSpecs’ divisional head, Payment Gateway and Infrastructure, said, “At SystemSpecs, we understand that access to financial services is key to the development of a strong and efficient financial ecosystem, which facilitates economic growth. It is therefore a delight for us to partner with NIBOX to further bring Remita services closer to customers at their point of convenience using NIBOX touchpoints.”

 

 

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.