Woman paying with NFC technology on mobile phone
Remittance and payment stakeholders have urged central bank of Nigeria (CBN) to expand the licensing of out-bound money transfer operation to accommodate mobile technology driven operators.
They said this has become necessary in view of inconveniences and stress Nigerians face in transferring of money out of the country, which today are done by only three foreign remittance operators.
They spoke at the 7th Remittance and Payment Expo held in Lagos earlier this week. Opeyemi Odeyale, co-founder and chief operating officer, Ping Express, said that the CBN is not giving any indigenous company the license to move money out of Nigeria allowing monopoly by foreign remittance operators, which include Western Union, Moneygram and Riyadh who are moving money out of Nigeria every day.
“These operators system require you to go to banking hall, why don’t you let us use technology and drive it. It is very expensive now because people have to go to the banking hall fill form with other inconvenient documentations.
“The only way to bring down that cost is to use technology; a lot of us make money with our mobile phones, why don’t we do the same to get money out of Nigeria; do the transaction on your mobile phone. We have the technology to handle the compliance; we have the technology to handle all the regulatory requirements in sending money out of the country. Just give us the license let’s do it.
“To send $100 into Nigeria through Western Union you pay $11, but, with technology powered system such as Ping Express, to send $100 you only pay $3 this is a fraction of what traditional operators charge.
“That is what we want to do for Nigerians as well, if you want to send money out it does not have to be stressful, it doesn’t have to be expensive, and we can do it cheaper than the foreign operators. Why don’t CBN give us the license let’s do it.
“If we are able to get license from CBN to operate from 32 countries in North America and Europe, why do you think we are not capable of handling or holding a license with CBN for out-bound remittance.“Is it that the regulator is doing something wrong or they are not paying attention to the fact that we have demonstrated that capability? We just need a license and we will make life easy for Nigerians.
“Indigenous companies having license to move money out of Nigeria will add to the economy as we have staff in the country, we pay taxes but the foreign operators don’t pay taxes, some of them don’t have staff in the country.
“Whether we like it or not the digital operators are disrupting that market it is better we streamline it by licensing indigenous operators. We need to empower ourselves,” he said.
Corroborating Odeyale, Yves Lauent Ewoune, manager, Information System project, MTN Cameroon, said that out-bound remittance from Africa using mobile technology provides a huge market opportunity.
He noted that MTN Cameroon started the service sometime last year and witnessed 150 percent growth within few months only for the regulatory authority in the country to stop it.
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