Nigerian operator Glo Mobile has signed a memorandum of understanding with mobile payment specialist Afripay paving the way for the nationwide launch of a mobile money service.
Afripay is part of UBA Group, which earlier obtained a mobile money licence from the Central Bank of Nigeria (CBN). The MoU will allow Glo Mobile's mobile subscribers to open a mobile money account to store electronic money on their mobile phones and to use their mobile number as account number.
It will also allow users to transfer money to any mobile number, spend money directly from their mobile money account, and buy airtime for themselves and others. Afripay's mobile money product, which is branded as U-Mo, has been successfully test-run through select agents.