BeepTool, an indigenous tech start-up based in Lagos Nigeria has unveiled m-naira App, designed to bridge the gap in financial inclusion, mobile payment and remittance space. m-naira mobile app has been described by industry watchers and stakeholders as a timely intervention in the mobile payment ecosystem, contributing to the country’s stride towards a full cashless economy.
Speaking to the media, Mayowa Ihinmikaiye, Co-founder & Business Development manager, BeepTool CIS Limited said “m-naira App is a value sharing and money transfer services platform that interconnects all Nigerian bank accounts, Mobile wallets, and billing systems to deliver instant remittance services to Nigeria from anywhere in the world. Whether you’re supporting your family or doing business in Nigeria, m-naira App makes it convenient and safer to Send, Receive, Pay and save cash instantly from your phone, at a quarter of the cost of your bank or high street money transfer provider.”
“m-naira App works directly with service providers to enable remote payment for services such as utilities, healthcare, school tuition, etc. Nigerians living in rural areas are not left out, as we are connecting them to the financial world using Nano-satellites. This will allow Nigerians in areas with poor or no connectivity use the m-naira app to send and receive payment for goods and service,” he added.
The app has shown a lot of promises. Having features such as; Instant transfer available from any UK, USA and EU approved countries of the world to Nigeria, with 24/7 delivery, real-time updates on your transfer, so you know exactly where your money is and there is no credit or debit card fees.
The mobile app can be downloaded via Google Play Store for now, with the iOS version coming soon or via website. The m-naira app has a high level of encryption, Know Your Customer (KYC) and security. The developers of the app took it a bit further by helping the unbanked to save money via the m-naira Ajo scheme. This scheme is a Rotational Savings Club or a group of individuals who save and borrow together in a form of peer-to-peer banking. Group members contribute funds into a pool on a regular basis (daily, weekly or monthly), and then take turns withdrawing funds from the pool. Rotational Savings Clubs are also known as Ajo, Esusu or Otataje in Nigeria.