Benefits of using Mobile Money

Posted by Felix Okoli on Monday December 23, 2013 at 15:52:29:

Mobile Money is an easy way for making transactions using a Mobile phone. It functions as an E- wallet. Mobile Money enables the holder of the Mobile Money account to withdraw cash, transfer money, and make payments using Mobile Money as a platform. It is an Easy and convenient way of carrying out transactions without leaving your location. In Nigeria, the use of Mobile money is not yet as popular as it is in other Western Countries, where they use Mobile money to pay for almost everything from Utility bill, Movie tickets to other kind of bills. As of 2013, only less that 35% of Nigerians make use of Mobile Money services despite the fact that there are more than 5 Mobile Money Service Providers operating in the country right now. This is because:

- Many Nigerians are yet to be educated on the importance of the use of Mobile Money in carrying out transaction

- Some Nigerians are ignorant of the fact that there is a Term called Mobile Money which can be used to carry out easy transactions.

- Lack of Mobile Money Agents for people who want to fund or withdraw from their Mobile Money account, this discourages them from using their Mobile Account.

Some Benefits of Using Mobil Money Account includes:
==============
- Mobile Money Transactions are fast and Free: Transfers made through Mobile money platforms are very fast, and the receiver gets the alert almost immediately. No more long hours of waiting for the Recipient to receive alerts from Bank teller payments and most of Mobile wallet transactions are carried free of charge. This is a move by Mobile Money service Providers to get more people to start using the e-wallet.

- It is portable: Mobile money makes it more portable to cary money around securely and still be able to carry out financial transactions. All it basically requires is a mobile phone and funds in a mobile money account. It works a bit like an ATM card but it's a sort of virtual one that is linked to your phone.

- Mobile Money Is Simple And Easy To Use: Carrying out transactions via Mobile Money is so simple that anybody who can handle a mobile phone can also operate a Mobile Money platform. All you need to perform a transaction is a mobile phone, with or without an internet connection as Most Mobile Money service Provides do not require internet connection to carry out transactions on their Mobile money platform.

- Mobile Money is Very Convenient for Payment of Bills: Paying of bills have gotten even better these days. Gone are the days when you are required to go inside Banking Halls and waste a lot of time just to pay bill. You can now pay for your bills from inside your room using your Mobile phone, Logging into your Mobile money platform, and transferring the money into the Mobile wallet account of the Service Provider.

- Easy Platform for sending Money to Family and Friends: With Mobile Money Banking, you can easily transfer funds to Family members and Friends Mobile wallet account, and they get to receive the money immediately.

- Mobile Money Transactions Are Safe And Secured: Mobile transfers are secured and safe; this is because each account holder is provided with a unique PIN and the Person is expected to confirm the PIN before any transaction is carried out.

Those are some of the few benefits you get from using the Mobile Money Banking System.