IF Nigeria must harness the immense benefits of mobile money, it must dislodged prevailing bottlenecks hindering faster adoption of the initiative in the country.The identified bottlenecks, according to a key player in the IT sector, eTranzact include; compatibility; security; infrastructure among others.To the Managing Director of the company, Mr. Valentine Obi, the networks were just being developed with unstable connectivity issues, adding that there were also problems associated with low awareness of the immense benefits of mobile payment transactions.Obi, who disclosed this at Mobile Payment Forum and Exhibition organised by eTranzact in Lagos at the weekend, added that the citizens are in doubt of the security measures in transacting via their mobile phones.'Because mobile technology was still at its infancy, transactions were SMS-based with its attendant risks. The issue of mobile phone and software compatibilities are issues that urgently need attention. I think to overcome this in the immediate, there must be collaboration among operators and government backing is critical to adoption and penetration in the country', Obi stated.The eTranzact boss, who said the company has been able to overcome these challenges, noted that the company has always believed that the future of payments is mobile.With this in mind, Obi said the company has launched some products that will boost the Central Bank of Nigeria (CBN) cash-less policy and further deepen penetration.He listed some of the products to include; PocketMoni; eTranzact SMS printer; eTranzact Web Connect Plus among others.Obi explained that the PocketMoni is a service that allows users to send and receive money, pay their bills, anywhere, anytime, via their mobile phones, adding that the firm currently has over 15 customers including large financial institutions in the country.In his presentation at the forum, Leader, Customer Delivery, MasterCard Nigeria, Oladipo Ogunsulire said to move beyond cash as the economy grows, payment locales usage most persistent need to be identified, adding that there was also need to understand the motivations of participants in the value chain.Ogunsulire, who said MasterCard is investing in sub-Saharan Africa to develop the future of payments partnering with financial institutions in the various markets, noted that analysis of locations, situations and motivations are critical to developing change in the emerging market situation, stressing that identifiable cash pool are reasons for possible transformation.According to him, to further move from the cash based economy to cash-less, there was need to identify where cash transactions are taking place; understand the stakeholder and participant rational for choice of cash as payment vehicle; understand the payment ecosystem and develop theories for potential motivators to move away from cash.
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