talk2hb1:
How do I get started tapping into this opportunity of mobile payment when investors are not their to help finance your project
Drop me 25million naira and see me develop my secret mobile payment solution and take it to market in less than six month

25million is too small to start a mobile payment solution, trust me, when you see CBN's license lason, na flee u go flee

Well in some way, to our own benefit because it helps protect the consumers from operators that would collect your deposits and disappears with it. Mobile Money operators in Nigeria by being run in conjunction with the banks, have the banks holding the deposits and by so doing, its covered by the National Deposits Insurance scheme of the CBN.

Earlier in the lifetime of mPesa, this was the issue raised, mPesa deposits were not insured and as a result was opened to being exploited by the operators but thank God it was not.

Chuks9000:

Ok. Here in Naija, the Telcos are required to work in partnerships with a bank (for the protection of public funds).
A lot would happen if the Telcos are allowed to manage monies outside the BOFIA.
.: the wallets you mentioned are either managed by the banks or by the FinTechs in conjunction with their banks. Anywhichway, your mobile number can be a wallet with any of the systems of your choice.
The truth is that, we are yet to embrace mobile money. Maybe because of lack of trust on our part as end users or because the institutions involved are yet to make it appealing enough for it to trend.

Mpesa cannot work in Nigeria. It is a monopolized business. There is no other sustainable mobile payment in Kenya other than mpesa now talk about mobile payment being untapped in Nigeria. Mobile payments have reached the climax in Nigeria given the situation of the economy. There are no pos and arms like we have on other countries in Kenya. Every citizen of Kenya has got an ID which makes it easier. You cannot register a safaricom sim in Kenya without a kenya ID even as a foreigner. It’s abot understanding your environment.

bigtt76:
Well in some way, to our own benefit because it helps protect the consumers from operators that would collect your deposits and disappears with it. Mobile Money operators in Nigeria by being run in conjunction with the banks, have the banks holding the deposits and by so doing, its covered by the National Deposits Insurance scheme of the CBN.

Earlier in the lifetime of mPesa, this was the issue raised, mPesa deposits were not insured and as a result was opened to being exploited by the operators but thank God it was not.

Thank you for the apt NDIC brief. It couldn't have been better explained.
But 2 questions: y thank God the public funds with mpesa is not insured? Have they found a way around the risk?

majekdom2:
Mpesa cannot work in Nigeria. It is a monopolized business. There is no other sustainable mobile payment in Kenya other than mpesa now talk about mobile payment being untapped in Nigeria. Mobile payments have reached the climax in Nigeria given the situation of the economy. There are no pos and arms like we have on other countries in Kenya. Every citizen of Kenya has got an ID which makes it easier. You cannot register a safaricom sim in Kenya without a kenya ID even as a foreigner. It’s abot understanding your environment.

boss at times its good to research ....if u cannot register for a safaricom line then how are the foreigners surviving?mpesa is not the only mobile money platform....there is airtel money, and others ...just that mpesa is the most used.

majekdom2:
Every citizen of Kenya has got an ID which makes it easier. You cannot register a safaricom sim in Kenya without a kenya ID even as a foreigner. It’s abot understanding your environment.

Oga, I don't know you, but whomever you are, you have just mentioned the mother problem of Nigeria.

Imagine you trying to buy a pair of shoe for your unseen future spouse.

The state has refuse to ID it's citizens and by extension refuse to manage a database of its citizens.
Let me ask you, who is your state or national budget meant for?

We keep seeing budget figures, yet no one can tell us how many students or teachers the so called budget has planned for. Same for patients/medical practitioners, road users, manufacturers, farmers...basic census sef, etc.

It is very easy for them to loot money and hide it in another's name. That way, sudden riches cannot be challenged.

They can keep assassins under their wings and use them at will because forensics without database is failure. Beside hunger has made those pple to kill at the promise of a pack of cigarette.

A police man will tell you " I will shoot you and nothing will happen." If he carries out that threat, he will simply escape to another state and re-enroll in the same police with another name.

Even in this BVN era NPF still discovered 30,000 ghost workers recently. Imagine

If we have a proper ID system, many ills will disappear. Take it or leave it.

0luwatope:


25million is too small to start a mobile payment solution, trust me, when you see CBN's license lason, na flee u go flee

For Product Development

Jethrolite:
All these secret solutions are usually full of shit.

Yes that was why Poo are poo in private (Secret )

with 30k pos,a browsing phone you can download the app from,u can make 5k-10k daily from it.mobile banking is highly untapped just look for a rural area,call me on 08104713862

alexxo11:
boss at times its good to research ....if u cannot register for a safaricom line then how are the foreigners surviving?mpesa is not the only mobile money platform....there is airtel money, and others ...just that mpesa is the most used.

You will need an Alien ID. airtel money tried to copy Mpesa because they couldnt get customers. How many Kenyans are using Airtel or has Airtel as their main line? Mpesa has monopolized the mobile payment system in Kenya. there is bitpesa and the rest but how have they scaled? its not that Mpesa is mostly used ], Mpesa is what is used. There are so many individuals without bank accounts in kenya, they transact with Mpesa and Mpesa alone!

I was thanking God the MPESA's public fund deposits were not misappropriated by your operators (Safricom).

Yes after so much outcry by the Kenyan banks to the Central Bank of Kenya, I guess they are not being well regulated and ma dated by law to place the funds in an insured bank deposit.

Chuks9000:

Thank you for the apt NDIC brief. It couldn't have been better explained.
But 2 questions: y thank God the public funds with mpesa is not insured? Have they found a way around the risk?

HAH:
you are right, this is one of the proposals of the mobile companies in Nigeria to have a mobile payment system like mpesa in Nigeria but it was blocked by the banks thorough vthe government, their fear is if this is allowed telecom companies will take one of the functions of banks, the CBN insisted mobile payment most pass through nibss . personally I believe telecom companies should start mobile payment without banks involve but should be regulated by nibss as well, may be an arm should be created within nibss to accommodate mobile money through telecom companies.

What are the charges associated with mpesa if I may ask?

This link can give you an insight http://www.mpesacharges.com/mpesa-charges/

majekdom2:
You will need an Alien ID. airtel money tried to copy Mpesa because they couldnt get customers. How many Kenyans are using Airtel or has Airtel as their main line? Mpesa has monopolized the mobile payment system in Kenya. there is bitpesa and the rest but how have they scaled? its not that Mpesa is mostly used ], Mpesa is what is used. There are so many individuals without bank accounts in kenya, they transact with Mpesa and Mpesa alone!

i agree...you truly know what ur saying.