MoneyBoxAfrica partners with paybox for largest mobile financial ecosystem across Africa

MoneyBoxAfrica is partnering with paybox to develop a mobile banking product for anyone in Africa. MoneyBoxAfrica is a new savings and payment system based on a scratch card and enabled by any mobile phone. It offers a cash-like way to remotely save, spend, and transfer money.

The partnership combines paybox's Mobiliser Platform and the Money Mobiliser product with Nigeria's leading financial institutions - aimed to offer the largest mobile financial ecosystem across Africa in the near future.

The African mobile market has impressive growth rate with only 28% mobile penetration. The majority of the mobile market is prepaid (95%). With 80% un- or under banked, Nigerians need an affordable line of services that will allow them to execute financial transactions remotely and conveniently using a mobile handsets.

MoneyBoxAfrica converts any mobile phone to a micro bank. Customers can open their accounts on the streets, remotely save money into their accounts, top up their phones, pay utility bills and taxes, buy insurance premium, send money to friends and relatives, withdraw cash at agents' locations or ATMs, get access to credit and make investments.

Additionally to providing basic m-payment services with minimal sign up barriers, creating more businesses but accepting lower margins, supporting remote and proximity scenarios, MoneyBoxAfrica also offers the end customers an easy upgrade path to a stored-value-account and eventually a bank account.

"Together, we can fast-track Nigeria and several African countries to achieve the Millennium Development Goals (MDG),” says Adeniyi Elumaro, CEO, MoneyBox Nigeria and ICSL. “We will bring an innovative system to the market that can enable possibilities, bank the unbanked and under-banked and deliver dividends of democracy to Africans starting with Nigerians. With MoneyBoxAfrica, we'll be able to change and simplify people's lifestyle by enabling access to broader financial services for anyone.”

“Our partnership with MoneyBoxAfrica gives us the opportunity to demonstrate the huge benefits of a mobile banking solution in another emerging market,” comments Eckhard Ortwein, CEO, paybox. “In cash-dominated markets, offering a banking solution to anyone with access to a mobile phone has a huge potential."