Nigeria: AppZone, InterSwitch partner to empower MFBs on electronic funds
Technology firm AppZone, has further cemented its relationship with Interswitch to provide more opportunities for financial institutions that have adopted the BankOne technology platform.
This acclaimed service allows account-holders of these institutions to receive electronic funds transfers (EFTs) from more than 10 million debit card holders who bank with Nigeria’s commercial banks. By specifying beneficiary account information, debit card holders can send money to MicroFinance Banks (MFB) and PMI accounts via the Quickteller website or at ATMs nationwide.
Debit card holders whose banks have deployed the InterSwitch mobile banking platform also have the added advantage of being able to process transactions through their mobile phones. Non-card holders can also take advantage of the service through regular cash lodgements in all commercial bank branches.
The service works in real time and enables beneficiaries to receive instant value in their accounts once the transaction is completed. Two important features of this service are the ability to validate beneficiary account numbers in order to prevent transfers to wrong accounts and an instant transaction notification via SMS to beneficiaries.
The mobile teller feature on BankOne eliminates the need to visit bank branches as funds transferred via Quickteller can be received through mobile field officers or marketing personnel.
It is especially useful to rural-dwellers who routinely receive money from relatives in urban centres. BankOne is a technology platform designed and developed by the fast-growing technology firm AppZone.
It expands the scope of microfinance and mortgage banks by automating internal operations, creating secure electronic channels and promoting the concept of “branchless banking” through relentless innovation. This latest offering is a novelty in the microfinance sector and should play a major role in incorporating microfinance banks into the mainstream of the country’s payments systems.
SOURCE: Business Day Online