Africa’s largest remittance market is about to get bigger with the new partnership between eTranzact International and MasterCard. The deal has the potential to open up new remittance corridors, expand the scope of cashless money transfers, extend financial inclusion and support the growth of the economy in Nigeria.
Nigeria’s Diamond Bank has become the first African bank to launch a fingerprint recognition feature on its mobile app. The service, an iOS Touch ID, is a major leap for the African bank.
MasterCard launched the eID pilot program. In the pilot phase, the Nigerian Identity Management Commission (NIMC) will issue MasterCard-branded identity cards with electronic payments functionality to 13 million Nigerians. This initiative is the largest rollout of a biometric-based verification card with an electronic payment solution in the country and the broadest financial inclusion program in Africa. The eID card forms a key component of the Nigerian Identity Management System, deployed by NIMC as part of its mandate to create, maintain and operate the country’s first central National Identity Database and provide proof of identity to Nigerians 16 years and older. The eID card will provide millions of Nigerians with the security, convenience and reliability of electronic payments. NIMC is working with several government agencies to integrate and harmonize all identity databases including the Driver’s License, Voter Registration, Health Insurance, Tax, SIM and the National Pension Commission (PENCOM) into a single, shared services platform.
HyperWallet has recently launched low-cost payment services to Nigeria, enabling companies to pay individuals in-country via direct-to-bank money transfers and reloadable prepaid debit cards. With hyperWALLET, corporates can make fully-compliant electronic payments to Nigerian bank accounts in NGN currency, typically within 1-2 business days. Additionally, corporates can pay Nigerians instantly using reloadable prepaid debit cards in USD, EUR or GBP currencies. With the addition of payments to Nigeria, hyperWALLET continues to expand their global financial network and support the diverse payment needs of corporate customers and their payees worldwide. The global payment platform lets users send mass manage their funds with their e-wallets, bank deposit, prepaid cards, cash pickup and via mobile phone.
Standard Chartered announced that it has expanded its African coverage of Straight2Bank Wallet, the Bank’s mobile wallet service platform, by launching mobile payment services in Nigeria and adding mobile collections capabilities in Kenya. The Bank launched mobile payment services in Kenya in September 2013.In Nigeria, the Bank has partnered with eTranzact International Plc. to provide mobile payment services through its Straight2Bank Mobile Wallet. This is in line with the Central Bank of Nigeria’s (CBN’s) Financial Inclusion strategy to the unbanked and semi-banked population.The new mobile payment service enables clients such as development organisations, international organisations, non-bank financial institutions, agricultural companies and fast-moving consumer goods (FMCG) companies to make payments to both banked and unbanked individuals such as aid workers, trainers, policy holders, farmers and other beneficiaries.
ACI Worldwide announced the winners of the 2014 ACI Excellence Awards. The fifth annual ACI Excellence Awards celebrate leading financial institutions, processors and retailers for innovative and transformative uses of ACI solutions to solve real-world customer and business issues. ACI Excellence Award and Merit Recognition recipients were selected by a panel of judges comprised of ACI experts and leading global payments analysts from Aite Group, CEB TowerGroup and Celent. Winners were selected across ten categories and are based throughout the Americas, Asia/Pacific and EMEA. This year’s Excellence Award winners include:
Wincor Nixdorf is opening a new representative office in Nigeria. This is intended to support the company in implementing the country-specific requirements of its partners and customers more rapidly and precisely in the form of tailored technology solutions. In addition, a local presence will improve customer service even more in order to support the business expansion with solutions from Wincor Nixdorf. Measured in the number of delivered ATM units, Wincor Nixdorf is already the clear market leader in Nigeria and No. 2 in Africa as a whole. Among its customers are nine of the ten largest Nigerian banks. And the potential is immense: according to the Central Bank of Nigeria (CBN), the country’s dynamically growing financial institutions plan new installations of up to 70,000 ATMs over the next ten years.
The Nigerian National Identity Management Commission (NIMC) and MasterCard announced at the World Economic Forum on Africa the roll-out of 13 million MasterCard-branded National Identity Smart Cards with electronic payment capability as a pilot program. The National Identity Smart Card is the Card Scheme under the recently deployed National Identity Management System (NIMS). This program is the largest roll-out of a formal electronic payment solution in the country and the broadest financial inclusion initiative of its kind on the African continent. The Nigerian National Identity Management Commission (NIMC) will be issuing MasterCard-branded National Identity Smart Cards with electronic payment capability. This program is the largest roll-out of a formal electronic payment solution in the country and the broadest financial inclusion initiative of its kind on the African continent.
Discover Financial Services (DFS) and Interswitch payment processing and Verve card network promoter forged their strategic alliance. This will allow Discover and Diners Club International (DCI) card acceptance at Interswitch-enabled ATM and POS terminals. This also allows Verve cardholders to have access to Discover, Diners Club International and PULSE networks for international purchases and cash access internationally. The partnership will focus first on enabling about 20 million Verve cards on the PULSE global ATM network, followed by acceptance opportunities for Discover and Diners Club cards and then the acceptance of Verve cards across the Discover global network. The Discover global network, which includes Diners Club, PULSE and other partner networks, provides acceptance in more than 185 countries and territories.
MasterCard has announced its first collaborative relationship with a local Nigerian retailer, Flying Dove Limited – authorized distributors for Sony Corporation and owners and operators of Sony Centers in Nigeria. MasterCard will incentivize its cardholders to make use of electronic payment solutions, thus supporting the Central Bank of Nigeria’s (CBN) move towards a cashless economy. This JV is the first cashless initiative of its nature in Nigeria for MasterCard.
VeriFone Systems secure electronic payment solutions announced 3Q/12 net income per diluted share of $0.75 for a 53% year-over-year increase from the year ago figure of $0.49. Non-GAAP net revenues for Q3 FY12 were $493 million, compared to $479 million in the previous quarter and $317 million for Q3 FY11, a 56% year-over-year increase. GAAP…
VeriFone Systems has received orders to date for 80,000 units of its VX 520 payment solution as banks and merchants seek to meet the requirements of the Central Bank of Nigeria’s (CBN) “Cash-Less Lagos” initiative. Orders for VeriFone solutions represent more than half of the 150,000 total systems that the central bank expects will be deployed by the end of this year to comply with its mandate. CBN is driving modernization of Nigeria’s payment system in line with its goal of joining the top 20 economies by 2020. VeriFone’s VX 520 features a GPRS capability, extended battery life, dual SIM- which allows merchants to switch cellular networks quickly and easily- thereby overcoming issues of erratic network coverage.