Friday, February 1, 2013
What You Need To Know About Mobile Money
What is mobile Money?
Mobile Money is an alternative payment method used instead of paying with cash, cheque or credit cards. Consumers can use their mobile phone to pay for a wide range of services. It basically involves the use of mobile phones to carry out financial transactions
Benefits Mobile money would bring
1.People would literally have a bank Account with mobile money through their mobile phone but this time their account number would be their mobile phone number
2.Today, we have more people with mobile phones than those with bank accounts. It will be a way to bridge the gap and ensure that everybody with mobile phone can have a bank account
3.Mobile Money would give provision for Broad-based accessibility and availability of banking services at a reasonable cost
4.Mobile Money would allow people in the rural areas send receive money from the comfort of their homes as it removes the need for physical point or presence.
Frequently asked Questions (FAQS)
1.What is the difference between internet banking and mobile Money?
Internet banking is strictly with the bank and you must have access to internet service whereas Mobile Money require only your mobile phone
2.How would consumers get Money on their phone?
Consumers would take their money to a mobile money scheme operator who would in turn convert it to digital money on consumer’s Mobile phone
3.Can I receive, make calls and access other service like migration from one tariff plan to the other while using Mobile SIM card?
Yes. The Mobile SIM card is a normal SIM card, and has the same functionality as any other SIM
4.Do I need a bank account to use mobile Money?
No. you do not need a bank account or internet service to use Mobile Money
5.Can I use my current SIM card for Mobile Money service?
Yes. You may use your existing SIM if it is Mobile Money compatible. The Mobile Money menu is displayed on all compatible SIM cards. If your SIM is not compatible, you may request for a SIM swap or purchase a new SIM.
6.Do all mobile phones support mobile money?
Yes. The mobile money application is registered on the SIM card and is independent of the Mobile phone.
7. How do I keep my Mobile Money Account secure?
You need to keep your Account PIN secret from others. Memorize your Account PIN and do not carry it with your phone. Never give away your Account PIN. If you have reasons to believe your Account PIN has been compromised, you can change the Account PIN from the Mobile Money menu
8.What is my Pin?
PIN stands for personal identification Number. It is a 4-digit number known only to you, and is used to authenticate your Mobile Money transactions. You are required to remember you PIN at all times
9.Why is NCC involved in Mobile money?
Nigerian Communication Commission (NCC) would see how service providers can provide delivery services on their network while ensuring Consumers enjoy good quality service. NCC would ensure interoperability, network integrity, and adequate quality of service and affordable process of transaction cost to make it convenient for consumers to use Mobile Money.