FETS Nigeria to launch eMoni

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2004

Roamware says that FETS (Funds & Electronic Transfer Solutions), a consortium focused on increasing mobile payment usage in Nigeria has chosen Roamware’s Macalla as their mobile financial services platform and has launched eMoni, a mobile payments service using the platform.

FETS, a non-bank service provider has recently been awarded a license by the Central Bank of Nigeria to roll out mobile payment services to the banked and vast unbanked segments (~80%) of the Nigerian population. Roamware’s Macalla platform will enable mobile wallet and mobile banking services for FETS.

‘About 80% of the Nigerian population is unbanked. This gap in the banking industry has made people carry around a lot of cash, which increases risk. Globally, we are seeing a cashless revolution. In developed countries it is normal to make most of your daily payments electronically,’ said Oluwadare Owolabi, MD, FETS.

‘The policy initiative of the Central Bank of Nigeria to increase mobile payment usage will accelerate Nigeria’s transition to a cashless economy. We looked for a partner that could help us create a state of the art payments infrastructure that would be fast as well as secure. Roamware emerged as the best choice with their combination of global operator deployment experience and the innovative Macalla platform that enables us to roll out mobile payment services quickly. We look forward to a long and fruitful partnership with them.’