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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.”

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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.

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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.

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 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.

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