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Sunday, Mar 24th

Mobile money ATM withdrawals made available in Nigeria

Interswitch launches mobile money ATM withdrawals in Nigeria.

Technology dubbed ‘Quickteller’ is set to enable Nigerians to make mobile money ATM withdrawals.

Pan-African integrated payments company Interswitch Transnational has released a press statement saying that mobile money users can now withdraw cash from Quickteller ATMs or "cash out" funds transferred to them.

Interswitch says it has introduced the service in a bid to address challenges of mobile money adoption in Nigeria, which the company says includes insufficient cash out locations.

Interswitch says users can do transactions of between N1,000 and N20,000 across the country.

Using the Quicktellers for mobile money transactions involves either receiving a 12-digit code or entering a 4-digit PIN.

"We firmly believe that Nigerians everywhere, with or without a bank account, deserve to have access to contemporary payment technologies designed to simplify financial access,” said chief payment and value added services officer at Interswitch Nigeria, Titilola Shogaolu.

Mobile money has taken off in countries such as Kenya, which has over 25 million people using the service according to the East African nation’s telecoms regulator.

But mobile money has not taken off to the same extent in Nigeria.

Surveys by the likes of Phillips Consulting in Nigeria have revealed that up to 37% of the West African nation’s population is unaware of mobile money.


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