The increasing use of technology today has seen gadgets like phones and laptops acquire a do-all-facility. A mobile phone now combines the function of a camera, laptop, fitness tracker, alarm, and now banks too. This, therefore, has eventually led to the emergence of mobile money operators in Nigeria. They are platforms that offer financial services through mobile phones and telecommunication networks.
You might wonder what mobile money is all about, and why everyone seems to want a piece today. Well, this article explores all that. Keep reading to find out.
What are mobile money operators in Nigeria?
Mobile money is a technology that allows you to save, receive, and spend money from the convenience of a mobile phone. In general, they call it a mobile wallet, or whatever name befitting to the company that’s hosting the service. Mobile money is very popular today, especially in Africa, and a country like Nigeria.
Now, mobile money operators in Nigeria are simply mobile money facilitators in the country. Basically, most telecommunication and some fintech companies are now mobile money operators.
What are the benefits of using mobile money operators in Nigeria?
- They are easy and convenient to use
- Saves you the time and energy that would spend going to a bank
- Mobile money is secure
- They can be used anywhere as far as there is a mobile phone signal
- Relatively low cost.
- Lastly, Mobile money transactions are quick
How do mobile money operators in Nigeria work?
Mobile money stores funds in an electronic account or wallet. Basically, they could link this account to your personal phone number or not. You as a customer have access to using this fund through your mobile phone to transact business. You can receive, store and send money for transactions like buying online items, pay bills, school fees, and airtime purchases.
At the peak of it all, mobile money also allows you to withdraw money from any authorized outlets or agents. The services available to mobile money users differ from one operator to another. There is always an assigned code that you can dial to access the available options.
How do I become a mobile money agent in Nigeria?
The process of becoming a mobile money operator agent in Nigeria differs from one operator to another. However, it generally involves you registering interest whether by visiting their official website or any legit outlet to register. After this, a local money agent would reach out to you for guidance on how to complete your application.
Some operators require that you meet certain criteria. Examples are: owning a permanent shop, having a certain amount of capital, engaged in commercial activities for a while, etc.
List of licensed mobile money operators in Nigeria
There are many licensed money agents in Nigeria. From telecommunication companies to commercial and microfinance banks and fintech institutions, there is no shortage of money operators. However, some of the most popular ones are:
- Paga Mobile.
- MTN’s Momo.
- First Banks’ Firstmonie.
- Kudi Mobile.
- UBA Moni Agent.
- Lastly, Polaris Sure Padi
Finally, the emergence and dominance of mobile money operators in Nigeria have simplified the everyday financial life of an average citizen. You do not have to go to the bank anymore for every single money transaction. Basically, with mobile money, you can do all you want from the comfort of your mobile phone and without an internet connection.