As of today, Nigerians in the Diaspora send up to $24 billion annually to Nigeria. At an average cost per transaction of 11.89%, Nigerians are spending more than $7 billion in fees. "We think we can do better," said Mayowa Ihinmikaiye, Co-founder and Business Development manager of BeepTool CIS Limited.
With the growing level of acceptance and also challenges of mobile payment and digital remittance Nigerians face on daily basis, BeepTool, an indigenous tech start-up based in Lagos, Nigeria, has unveiled the m-naira app, designed to bridge the gap in financial inclusion, mobile payment and remittance space.
The m-naira app is a revolutionary Fintech App with the main aim of helping Nigerians located either inside or outside the country to send, receive, pay or save cash Instantly.
The 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.
As of today, Nigerians in the Diaspora send up to $24 billion annually to Nigeria. At an average cost per transaction of 11.89%, Nigerians are spending more than $7 billion in fees.
"We think we can do better," said Mayowa Ihinmikaiye, Co-founder and Business Development manager of BeepTool CIS Limited.
"The m-naira app is designed to be the fastest and most secure way to send and remit money home directly to a bank account or mobile wallet. The m-naira app is also designed for paying bills for family and friends from any part of the world.
“The 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.
“It 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."
The app has shown a lot of promise, 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 transfer so users know exactly where ytheir money is, without needing 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," Ihinmikaiye said.
"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."
Further explaining how the app works, he said: "Pay with m-naira feature is a contactless payment method using a QR code scan from the m-naira app; users can make mobile payments at stores and to merchants.
"Blink with m-naira feature is mobile payment method available in the m-naira app, allowing users to make payments (in-store and online) with the use of a one-time password (OTP) pin eliminating the use of ATM cards for shopping online, withdrawing and depositing cash at agent locations. The m-naira BLINK can be used by m-naira app users and customers of m-naira app partner banks. All banks and stores in Nigeria are in the m-naira app network."