Mobile Banking vs Mobile Money vs Mobile Wallet

These three concepts are interrelated due to the niche where they operate, the fintech world. They are not the same thing but many financial institutions name their apps randomly making each platform appear sometimes confusing. The names however have a ring to them that speaks volume of the concept of being "mobile", on the go. That exactly is what they all have to offer, automating banking and financial transactions on mobile devices. This give users more mobility and flexibility of doing business transactions and other activities at any time and anywhere. Financial activities have grown beyond the traditional banking sector.

On many occasions have mobile money apps being denoted as mobile wallets. The understanding of these different fintech platforms seems to elude people and organizations who have found it hard to give any clear definition to their apps. The

PocketMoni from eTranzact : Mobile Banking

eTranzact is in the league of Interswitch Group in the world of financial services handling across Africa and the rest of the world. Of course these two fintech giants started operation in Nigeria in the early 2000s, both coys have come a long way and are still waxing stronger. PocketMoni, from the stable of eTranzact is a worthy competitor with Interswitch's Quickteller. Competition is good in any clime, Abi una no remember the tale of Messi and C.Ronaldo? Not actually a tale, we are still in their era but that exactly is what competition can do to anything -Vying to be the best. In our own respect, consumers of fintech services are reaping the prospect in Nigeria and Africa as a whole.

PocketMoni is a mobile payment solution designed to allow users conduct financial transactions anytime, anywhere, from a phone.

Mobile Banking in Nigeria

Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct a range of financial transactions remotely using a mobile device such as a mobile phone and using software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Wikipedia: Mobile Banking

Mobile banking: USSD Banking in Nigeria

USSD Mobile banking in Nigeria

See Mobile banking in Nigeria for a general introduction to mobile banking.

Unstructured Supplemetary Service Data (USSD), that is a technical term in the telecommunication industries you do not have to bother much about unkess a nerd, to dig more about it on google.

We are more concerned about its application to the world of mobile banking.

Of course you are familiar with the use of telecommunication companies' (telcos) USSD codes to query for various information about your account. In Nigeria, *556# and *123# fetches your airtime balance with MTN and Airtel network respectively, by prompt on-screen response on your mobile. The response displays your expected information from the service provider. It is no more a telcos thing, USSD is gaining more ground across many fields that have adopted technology in passing information across to people. East Africa most especially Kenya is championing the course of mobile technology on a global scale, companies such as Hamwe Technologies a mobile value added services provider and aggregator with SMS and USSD gateway connections to mobile network operators, has rolled out a couple of USSD implemented services across sectors such as agriculture, health, finance etc.

Recommended: Mobile Banking in Nigeria

Below is a list of financial instutitions making use of USSD Mobile Banking in Nigeria and their shortcodes. Follow the links for a concise peruse of each platform's offers or kindly check this page often for updates.

Company	Main USSD code
Diamond Bank	*710#
EcoBank	*326#
FCMB	*389*214#
Fidelity Bank	*770#
First Bank	*894#
GTBank	*737#
Skye Bank	*833#
Sterling Bank	*822#
UBA	*919#
Unity Bank	*389*215#
Wema Bank	*322#
Zenith Bank	*966#
Quickteller	*322#

USSD is extensively used by telcos however the trend have changed. Financial institutions via Mobile Banking is making the usage of USSD shortcodes trendier. Gone are the days you need to get into a banking hall just for a clue of your account statement or to transfer funds to business partners or relatives. All these can be accomplished with mere press of a few buttons or scroll through a few menus on your mobile phone.

It does not require the use of sophisticated phone, see USSD transaction going on on the basic phone below.

Right with you is your whole bank. Dialing the relevant USSD shortcode releases at your very reach, the world of inclusive financial transactions absolutely within seconds. Welcome to the 21st century, the era that technology finally took over.

Recommended: Mobile Banking vs Mobile Money

How Mobile Banking Works?

• Make use of the correct USSD short-code relevant to your transaction and platform.
• Use the correct code and follow the prompts, it is very easy and intuitive. 
• Provide your card serial or PIN when requested.
• You will receive immediate response and prompt on what to do next.
• Confirmation of successful transaction will be communicated to you by SMS or email or both. 
• Unsuccessful transaction will be communicated to you by directly and you will not be charged.

eTranzact: ATM CardlexCash

Category: Fintech

This is mobile banking at its best. Cardless and cashless money transactions can be breathtaking even with eTranzact's ATM CardlexCash. You can't be an Oliver Twist asking for more. Even if you are, eTranzact's got our back.

I am an advocate of online, mobile or cashless banking, preaching the gospel to whoever cares to listen within my vicinity. We've got to move away from the world of insecurity and take a giant leap into the 21st century. eTranzact is on the fastest moving train, you'd better hop in.

eTranzact ATM CardlexCash is designed for the eTranzact global payment network; the solution allows a transferor (person sending the money) to transfer funds from his mobile phone, and have those funds collected by a third party at an ATM machine without the use of the physical debit Cards! This revolutionary product leverage on the subscriber's mobile phone, the eTranzact platform, and ATM processor of partner banks (or payment ISO) to perform convenient funds transfer and collection for the end users. As part of eTranzact efforts to bridge the gap between the banked and the unbanked, this service provides an unprecedented, secure and effective means of transfering funds from one party to the other through the means of a mobile phone. This solution makes funds easily available irrespective of distance between the sender and receiver.

This product leverage on "using your everyday tool, your mobile phone, for your every activity".The advent of eTranzact ATM CardlexCash is et to revolutionize the process of money transfer globally.

Related: Quickteller Verve eCash

This innovation proposes a faster and convenient process of money transfer. With this solution, the recipient does not need to have a bank account to receive funds and does not need to go to a bank branch to collect funds, which can only be done during working hours. It also eliminates the need to use an ATM card to withdraw money.

For more information contact Tranzact via:

Tel: +234-01-7101060

FAX: + 234-1-01-2701163

E-mail: info-ng@etranzact.net

Website: http://etranzact.com/

Interswitch: Quickteller

Category: Online Payment Platforms

Quickteller is one of the platforms available on the widely respected Pan-African financial services giant, Interswitch group. In this piece we are going to get down to business with basic profiling of one of their amazing products, Quickteller, as described the on their website.

Meanwhile, I have been using Quickteller.com platform without fail for quite a long time. The services have always been hitch free. They are a really helpful platform, reducing cost of transactions immensely.

- What is Quickteller?

Quickteller is a solution built with convenient access to an array of everyday services such as topping up your mobile phone, making payments, transferring money, buying movie & event tickets. The platform offers direct top up to credit your mobile phone, payments to billers such as DSTV, NairaBet, GOtv, Startimes, NairaBet, PHCN and Swift to name a few as well as send money to accounts in all commercial banks in Nigeria. A full list of billers can be seen here.

Related: Verve eCash, eTranzact PocketMoni

- What you can do on QuickTeller platform?

• Buy airtime – Send airtime directly to supported lines in Nigeria and abroad. Please note visa that GTB cards are not enabled for recharge initiation on Quickteller.com.
• Pay Bills – A large number of merchants, associations and schools have been aggregated on the plaform for you to pay your bills conveniently and securely. Billers such as DSTv, PHCN, Swift etc are on Quickteller. A full list of billers can be seen here.
• Send Money – You can transfer money to any account nationwide. Please note visa that GTB cards are not enabled for funds transfer initiation on Quickteller.com.
• Receive Money – Western union transfer sent to you can be received into enabled Agent banks. Click here for list of banks and the currency available.
• Buy Movie & Event tickets – Why queue up at the cinema or an event when you can obtain the tickets from the convenience of your phone or home?
• Manage Your Verve eCash – You can sign up and fund your Verve eCash, for easy paycode cardless transactions in seconds.
• Manage your eWallet – You can add your cards and bank accounts to your eWallet, to make quicker transactions, bill payments and transfers.

- Different ways to access QuickTeller?

Visit the website - www.quickteller.com on web and smartphones

Or a Quickteller enabled ATM’s – Usually on the lower right hand side of the ATM menu.

You love being Mobile? Use USSD shortcode – *322#

Quickteller Native Application – visit get.quickteller.com to get Quickteller on your smartphone.

Quickteller Mini – a BBM integrated application, visit bbm.quickteller.com for easy D-I-Y steps.

- How to register for Quickteller?

You can register directly with this link

Alternatively, from the home page, click on the “Register” tile in the left panel. Enter all the required details.

• After successfully registering you will receive and email with an activation code
• Enter the activation code on the website to access your account
• Registration is free and you will only be required to do this once.

Mobile Money: Quickteller's Verve eCash

Category: Mobile Money

In this era of cashless money policies, all major players in the financial industries are dazzling Nigerians and Africans at large with numerous brilliant platforms for quick and easier financial transaction, devoid of raw cash. Security is getting a better definition. In this piece, Quickteller's Verve eCash is profiled.

Quickteller is a solution built with convenient access to an array of everyday services such as topping up your mobile phone, making payments, transferring money, buying movie & event tickets. The platform offers direct top up to credit your mobile phone, payments to billers such as DSTV,

How to Become A Paga Agent

Paga is a payment platform that has 2 channels (a) Agent Networks and (b) Online and Mobile Application. Paga provide services that allow you to send and receive money, make and receive payments; you can also buy and send airtime wherever you are. 

  

Paga's agent network serves as the primary interface i.e online or physical location for cash-in and cash-out on the platform. As Paga agent you will receive commission for every transaction you perform, plus other bonuses and incentives. 

With Paga Merchant services, your business can integrate with Paga to offer customers a secure and easy payment option either through your online platform or in-store.

Financial Technology Companies (FinTechs) in Nigeria

Financial technology (FinTech), is an economic industry composed of companies that use technology to make financial services more efficient. FinTech companies are generally startups trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software. FinTech, Wikipedia
The term include technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies. FinTech: Investopedia