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Nigerians who are dreaming of instant cash transfer now have cause to smile as three Nigerian banks, Access, Oceanic and Fidelity, have introduced an immediate money transfer product called MoneyManager.
3 banks, firm introduce money transfer through scratch card
Nigerians who are dreaming of instant cash transfer now have cause to smile as three Nigerian banks, Access, Oceanic and Fidelity, have introduced an immediate money transfer product called MoneyManager.
The three banks are floating the product in partnership with Torricellian Trust Limited (TTL).
Managing Director of TTL, Mr. Godwin Madumere, who doubles as the managing director of MoneyManager, said 'the money manager instant cash transfer is a unique indigenous electronic funds transfer (e-fund transfer) scheme that is targeted at easing the means of transferring money within Nigeria. It is user friendly compared with other alternative payment solution and it cuts across class barriers."
Madumere said the idea of introducing the product was borne out of a deep research and years of extensive analysis on the Nigerian banking publics and challenges they take in transacting basic banking needs such as transfer of funds.
He emphasised that the product was more convenient than most other means of instant funds transfers as users do not need to leave their busy schedules or businesses to send money to friends, loved ones and other beneficiaries. The denomination, he stressed, are structured into N2,000, N5,000, N10,000, N20,000, N25,000 and N50, 000 to accommodate artisans, professionals and distinguished individuals. But buyers will have to part with a premium which range from N350 to N800.
The scratch card, which goes on sale immediately, will be sold at normal scratch-card vendors' stands, branches of the collaborating banks and other MoneyManger branded outfits nationwide.
Speaking on how it operates, the TTL boss said all that what was required was to buy a MoneyManager branded card, scratch it, and send the PIN and Pay Code via SMS message or dictated via a phone call to the beneficiary, who will, in turn, go to any money manager designated banks and receive cash up to the face value of the card.
Madumere explained that other banks were looking at other avenues of using the card apart from just sending cash, adding that the banks want it to be a sort of payment instrument at filling stations, supermarkets and a host of other business locations.
The product, unveil on Thursday, attracted members of the business community, including heads of financial and business institutions in Nigeria. Among those present was the Managing Director of Fidelity Bank, Mr. Reginald Ihejiahi; Access Bank's Executive Director, Mr. Taukeme Koroye; General Sam Teiddi, Chief Ziki Azike and Chairman of City Gate Investment Company, Dr. Mike John.
MoneyManager has been approved by the Central Bank of Nigeria.