Archives for category: Mobile Wallets


New mobile payment product M-Iflo launched to minimize risks as it is of great concern in the African markets.


MMIT in partnership with Bango, a leader in mobile payments, has officially launched a product called M-Iflo to revolutionize the security of mobile payment environment in Sub-Sahara Africa. The M-Iflo product provides a safe payment solution that enables online transactions for digital content, which will unlock many opportunities in the world of mobile payments for Africa.

Africa is rapidly becoming a mobile hot spot with many consumers’ displaying their natural ability to quickly adapt to new technologies introduced to the market. The product is tailored to the African market by directly addressing the concerns surrounding the safety of payments and reducing the risks of transactions, which remains a barrier to doing business for new entrants into African markets. As a result of merchants’ fears regarding the technological and political risks factors, Africa has in many ways been limited or excluded from many of the break through technologies within the areas of mobile commerce and mobile billing. Jide Akindele, CEO of MMIT commented on these issues explaining, “unfortunately corruption remains a substantial risk within the mobile money industry in Sub-Saharan Africa. This has resulted in a reluctance from the world’s app stores and mobile brands to engage the African market.”

M-Iflo essentially is an intermediary between mobile merchants and mobile wallet providers. The product acts as a payment verification portal that provides a secure way for mobile content providers to reach African markets. This enables consumers of mobile wallets to select their wallet provider as a form of payment at the check out page of the transacting website. M-Iflo additionally allows those without mobile wallets to buy content from major app stores by using a top up card that can be purchased at retail outlets. Upon purchase of the top up card, codes are provided for the customer to enter upon checkout of a merchant site to complete the transaction online.

M-Iflo minimizes associated risks with online transactions and allows merchants to be paid up front, thus creating a work around to the common complexities of conducting business in Africa. This addresses app stores and merchant concerns of payments being held up in one country based on bureaucracy, fraud, or changes in regulation. Bango CEO Ray Anderson said: “There’s a smartphone boom in Africa and a frustrated demand for digital content. App stores and other merchants have been waiting for the reassurance of M-Iflo, which limits the risk of doing business in Africa, and has been designed to suit the ‘cash up front’ instincts of the African market.”

Post1 2

M-Iflo has already integrated with major mobile wallet providers in Africa, including Mobipay in Kenya, Stanbic IBTC Mobile Money in Nigeria, and is working to add more to the list of partners. Jide Akindele, CEO of MMIT stated, “Merchants in the western market are yearning for a suitable payment process platform that minimizes their risk in the African market. We believe that our M-Iflo platform gives our clients that capability to do so. We look forward to opening up access to content store owners that are looking at the African market via Bango and MMIT’s Mobile money payment processing platform.”

MMIT is looking forward to this summer as the product officially launches in Nigeria with Stanbic within the coming weeks followed by Kenya’s launch later this summer.

Rebecca's blog signature


Stanbic logolunapic_134702630233264_24

Stanbic IBTC MobileMoney partners with MMIT; provides payment options for international online shopping

25 October 2013 Lagos, Nigeria – Stanbic IBTC Bank and Mobile Money Info Tech Limited, MMIT, have partnered to bring international online shopping payment options to Nigerian consumers.  Stanbic’s MobileMoney platform will be the first mobile money operator in Nigeria that offers the service of allowing consumers who do not have a credit card to pay for goods through their mobile money wallets when shopping on international app sites.

Customers who operate Stanbic IBTC Bank’s *909# MobileMoney wallets will be able to shop on international app sites such as Amazon, the Android store, Playstation, and other gaming sites. They will be given the option of making card less payments through their mobile money wallets; with this option any customer with a smart phone will be able to make purchases on these online sites regardless of where they reside in Nigeria.

Thabo Makoko, Head of E-Business at Stanbic IBTC Bank, described the partnership as another step towards financial inclusion for individuals who are usually not able to shop online because of the lack of credit and credit cards. “Mobile payments have taken a new turn in Nigeria and the days of being inconvenienced or excluded from participating in the digital economy as a result of ones inability to produce credit or debit card details for online payments are over.

“We want to provide more opportunities for the under banked in every part of Nigeria – especially the small business owners; we want to be known as the financial service partner that opens doors for our customers; empowering them to grow their businesses and lives. Removing the barriers to participating in the digital economy, the online shopping process for small business owners, youths, and the under banked will greatly reduce barriers to success in acquiring tools to improve lives”.

Jide Akindele, chief executive officer of MMIT, also commented on the partnership. “We are excited about our partnership with Stanbic IBTC Bank. We see this as a great opportunity for Stanbic IBTC mobile money subscribers who will be able to make more financial decisions.

“This partnership will make Stanbic IBTC mobile money account holders the first in Nigeria to enjoy the option of making payments on foreign online stores.”

Stanbic IBTC Bank intends to reduce the gap in access to financial services between the fully banked and under banked through the use of mobile money in every part of Nigeria. With our MobileMoney wallet the bank is getting closer to achieving this objective.

About Stanbic IBTC

Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is rooted in Africa with strategic representation in 18 key sub-Saharan countries and other emerging markets; Standard Bank has been in operation for 150 years and is focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other.

For more information visit

 About MMIT

Mobile Media Info Tech Limited (MMIT) is a mobile software development company with a mission to revolutionize money transfer capabilities, mobile banking, and mobile payment processes. MMIT creates and distributes proprietary mobile technology platforms to augment ways in which mobile and web users can make financial transactions for personal and emergency purposes.

 For more information visit:

When we think of the potential for a cashless society we tend to look at the developed World and markets such as the United States or Europe as the places most likely for this development.  Even with credit cards and smart phones being ubiquitous throughout these countries you would be wise to look to emerging markets as the potential birthplace of a future cashless society.

cash is king

Mobile technology is growing and more than 1.7 billion people have cell phones but no bank accounts in emerging and developing markets.  According to the GMSA in 2012 there were123 mobile-money deployments in emerging markets, with 84 of them originating within the last 3 years.  Mobile money has the ability to offer financial services to the unbanked and reach consumers in the remotest parts of the World.  Even with the potential there is still a long way to go and Nigeria is a great example of this.Image

One of the emerging countries leading the cashless society initiative is Nigeria.  The cashless initiative in Nigeria is in its early stages.  The Central Bank of Nigeria, or CBN, has estimated that it will cost over $930 million to invest in new POS terminals, ATM’s, and payment solutions by 2015 as part of its “Cash-Less Lagos Project”.  Recently the CBN announced 40 billion Naira per day is being transacted virtually and the bulk of these transactions are being conducted in Lagos.

Initially CBN was targeting a phased approach post-pilot in Lagos State and then moving to a second phase which CBN claimed would cover close to 90% of all financial transactions in the country.  Due to the success of the Lagos Pilot CBN decided to implement the cashless push nationwide.  One of the stumbling blocks was the lack of infrastructure to facilitate cashless transactions conveniently and relatively close to the population. Kim Fraser, COO of MMIT, commented on the problems with the pilot program in Nigeria.  “In the Lagos Pilot there were only 10,000 POS systems on the ground in Lagos State.   Today there are over 150,000 POS systems deployed. It is still a small number to cover a country as large as Nigeria.  In addition the CBN has also realized that the term “Cashless” was scaring a lot of people especially in a country where 80% of the population is unbanked. The new catch phrase that the CBN prefers is “Cashlite”. There is still a significant way to go even under the new mantra of Cashlite though CBN appears to be making progress”.


The debate for a cashless society has its positives and negatives.  For financial institutions a positive development of a cashless society is its ability to reduce costs required to print money and increase its consumer base and services to include the non-banked of the emerging and developing World.  For consumers there is an ease for transactions and the prospect of no longer having to carry cash.  Carrying cash can be a major problem in emerging countries where the risk of being robbed is greater. There is also potential for less corruption and more transparency in a cashless society.

The negatives include the invasion of privacy; security and fraud, and the wide divergence in the experience of mobile money service providers around the world.  There are some obvious hurdles that are slowing the progress of a cashless society including the lack of infrastructure, scalability, and the sustainability of mobile financial services.  So what does this mean for telecom and financial institutions?  It means there exists opportunities for the continued development of new financial products and greater customer education for their products.  If the telecom providers and financial institutions can create a healthy relationship with each other and with their consumer bases there can be continued growth and success for mobile money and other cashless initiatives.

Anthony Bio for Blogs




MMIT’s M-Content platform has been developed with the African Sub-Saharan market in mind. In a continent that is growing rapidly and has over 700 million mobile phone subscribers opportunities are endless.  In Nigeria there are over 16 million users of Facebook, Skype, Blackberry, Apple, and Android. In Kenya there are over 7 million users of these same devices.  On the flip side of those numbers only 24% of working age adults in Sub-Saharan Africa hold a traditional bank account with a formal financial institution and a considerably lower percentage of adults have credit or debit cards. With our M-Content platform we will be providing a way for this underserved segment to access and purchase online content and apps they wish to have on their mobiles and PCs.

Before I go further let me first describe our M-Content platform and some of the services it provides our consumers.  Our M-Content product allows consumers with a mobile money wallet, and also consumers who don’t have a mobile money wallet, to purchase content from sites like the Blackberry store, Google, Amazon, the Android store, and I Tunes to name a few and top up or apply credit on gaming and social media sites such as Facebook, EA Sports, Sony Play-Station, and Skype. It also allows consumers who want to purchase apps or apply credit on various sites to do so via their mobile phone, PC or tablet.  Our platform provides a convenient way to do this without the need to use credit or debit cards and instead utilize cash vouchers and the mobile wallet. This eliminates the risk of exposing one’s credit card or debit card on the internet or having the transaction denied due the card coming from a high risk region for fraud and opens the door to such E and M-commerce sites for larger numbers of consumers in emerging markets who do not have access to credit and debit cards.


MMIT is aware of the possibilities and is currently at work on our M-Content platform and expects this product to be launched and live by the beginning of 2013.  We will keep you up to date on the product launch and will announce the official launch date once that decision has been made.  To learn more about MMIT, our M-Content platform, and the other products and services MMIT provides please visit our website at

A look at the predicted mobile payment growth in Nigeria



MMIT COO – Kim Fraser will be a guest speaker at The Social Mobile Payments Conference taking place from November 6-8th at the Marriot Biscayne Bay in beautiful Miami, Florida.  Kim will share his expertise and knowledge and talk about the mobile payment revolution taking place in Africa.  Other speakers at this event include representatives from Amdocs, Digital River, MoPay, PayTap, Visa, Mobile Payments Today, to name a few.  For more information on this event please visit and for more information about Kim and MMIT please visit

MMIT COO – Kim Fraser

In the Western World the idea of mobile banking/payments starts with our smartphones.  Our chief concern usually centers around privacy and security.  In the emerging World, especially Africa, mobile banking/payments are quite different and the concerns are quite different as well.  I recently talked to MMIT COO – Kim Fraser about the unique concerns and problems that face mobile wallet users in Africa:

AB: First of all thank you for taking the time today to meet with me Mr. Fraser.  I was hoping you could elaborate on the issues faced by mobile wallet users in Africa?

Kim: Thank you, and yes I can definitely speak on that.  In the west traditional banking services are universally accessible to a majority of the population through the use of ATMs, credit cards and debit cards. In Africa and other emerging markets banking services are not so universally widespread and accessible to the majority of the population. This is due to a number of factors such as the high cost of brick and mortar establishments, account opening criteria with the need for credible references, and relatively high initial deposit requirements, minimal balances, high transactional fees, cash based salary payment for many low end wage earners, etc.

In the west most mobile wallets or mobile phone banking products are based on the use of credit cards, and debit cards. They store the users card details on the phone. In developed markets most users of mobile phone technology are aware of the constant problem of identity theft in the mobile phone industry and the underground business that surrounds this activity such as illegal phone shops. Thus many view this as a security issue and an avenue for the theft of their financial details and the impending havoc it can create in ones life.

In Africa and the emerging markets with high rates of poverty the percentage of the population that is banked and using credit cards and debit cards is very small. Mobile banking in its original state, as introduced in Kenya by Safaricom (M-pesa), was not intended to target the banked but the unbanked, those that have no bank account, and no credit facilities. In this market segment the issues around adoption are different. Security is a concern but it does not revolve around identity theft but instead around the risk of carrying physical cash as opposed to carrying virtual cash, which is seen as safer. Also transaction fees for mobile banking are lower than brick and mortar banking fees, there are no minimal account balance barriers, and signing up for a mobile wallet/ bank account normally doesn’t require two reputable references that are already clients.  All it requires is a photo ID, and your phone number, and can be done at any of the mobile banking agent outlets.  Today there are 30,000 M-pesa agent outlets in Kenya and everywhere there is mobile phone service.


AB: So really the perspective is totally different in Africa than in the West?

Kim: Yes, in Africa and other emerging markets most of the population perceive such services from a totally different perspective than in the west.  It is a game changer and an enabler not a convenience factor such as is the case in the west, where a larger percentage of the population carry smart phones and have credit, debit and ATM cards.

AB: Thank you Kim for your time and knowledge and remember you can follow Kim and MMIT at

MMIT COO – Kim Fraser