_BEST_ Download Fortis Mobile Money App

Fortis Mobile Money is licensed by the Central Bank of Nigeria (CBN) to provide mobile payment services in Nigeria.

Individuals can visit any Fortis agent location to register, or dial the *540# short code to complete the self-registration.

After registration they will be required to fund their mobile wallets after which they can proceed to perform transactions such as:

Send/ Receive money

Buy Airtime

Make Purchases at supermarkets, pharmacies, restaurants, hotels etc.

Pay Bills such as Airlines , Hotel bookings,Cable TV Subscription (DSTV, Gotv, MyTV, Startimes and Infinity TV), PHCN, Road Transport (Book and Pay for ABCTransport) etc.

Our mobile application is fast and user friendly, download and experience the world of limitless possibilities.

For clarity, mobile money involves the use of mobile phones for the initiation, authorization, and confirmation of the transfer of a value out of a current/checking, savings, or stored value account. According to the CBN, there are currently 17 companies licensed as mobile money operators in Nigeria.

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Chams Mobile Limited: Chams Mobile Limited is licensed by the CBN to provide mobile money operations and agency banking services through KEGOW, its special mobile wallet that allows special savings, debit cards, and thrifts. The KEGOW wallet is also available for agents and businesses. Chams Mobile has evolved into a digital products and services company.

Hedonmark Management Services Limited: Hedonmark is a total solution provider, proffering professional and reliable Back Office management solutions to small, medium, and corporate clients. The company is also among the 17 companies licensed as mobile money operators in Nigeria.

MKudi Nigeria Limited: MKudi was established in 2009 with the exclusive purpose of providing mobile money transfer services to the Nigerian public. MKudi allows both banked and unbanked personnel to send money via their mobile devices across Nigeria.

Nownow Digital Systems Limited: NowNow App, founded in 2018, provides a new way for people and merchants to bank using their smartphones. The company is licensed by the CBN as a mobile money operator, and it is building a mobile app that accommodates different styles, allowing users to send and receive money and pay bills fast.

Pagatech Limited: Paga, founded in early 2009 by Tayo Oviosu, aims to make it simple for one billion people to access and use money. The company is licensed by the CBN as a mobile money operator and is solving two major problems in the world by eliminating the use of cash for transactions and providing access to financial services. Its first market is Nigeria, where it now has over 20 million unique users.

Palmpay Limited: Palmpay is one of the popular fintechs used by Nigerians for financial services and is also a licensed mobile money operator by the CBN. The company launched its service in Nigeria and Ghana in 2019 and has since provided over 5,000,000 customers with convenient and affordable digital payments.

Parkway Projects Limited: Parkway Projects is licensed by the CBN as a mobile money operator as well as a payment service provider. The company has been providing transaction solutions to businesses and currently serves over 3,000 banks, government agencies, large corporates & SMEs across 30 African countries in multiple sectors of the economy.

Opay Digital Services Limited: OPay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services for every individual. The company is licensed by the CBN as a mobile money operator and boasts over 18 million registered app users and 500,000 agents in Nigeria who rely on its services to send and receive money, pay bills, and many more.

Visual ICT Limited: Visual ICT is a fast-growing fintech startup and a mobile financial services provider licensed by the CBN to provide mobile money services. The company provides a suite of mobile financial services not limited to mobile money services, agent networks, cash and electronic disbursements, payroll processing, e-wallet management solutions, airtime top-up, inter-bank transfers, bill payments, and financial solutions designed to suit the diverse needs of its clients and drive financial inclusion.

VTNetwork Limited: VTNetwork, which is doing business as VCASH, is a CBN-licensed mobile payment operator that also provides International Money Transfer (IMTO) services in Nigeria. The company allows users to transfer money locally and internationally with capabilities in 140 countries.

Xpress MTS Limited: Xpress MTS Limited, a subsidiary of Xpress Holdings Limited, was granted a mobile money operator licence by the CBN in October last year. The licence allows the company to leverage mobile technology to deliver financial services to Nigerians. The company is building an ecosystem to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere.

Bottomline: Currently, these 17 companies hold licenses to offer mobile money services, and some of them possess additional licenses that enable them to provide other services in the payment system ecosystem. However, only a few of these licensed mobile money operators are currently offering financial services to promote financial inclusion in the country.

Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences.

5. Small value credit and savings are showing promising signs: While airtime purchases, bill payments and remittances are still the top uses of most mobile money services, there has always been an expectation that a range of financial products would be linked to mobile wallets. Despite various experiments and trials, no particular service has shown promise, until now. M-Shwari, a savings and credit product from Safaricom and Commercial Bank of Africa (CBA), has changed that, registering phenomenal uptake. The product enables M-PESA subscribers registered for at least six months to get a loan, anywhere from $1.15 to $235 for a 30-day term, instantly into their e-wallets. The terms of their first loan are primarily based on data analysis of their use of M-PESA, voice and data on their cell phones. M-Shwari has now reached over 5 million active users with a collective deposit amount of 26 billon Kenyan shillings and a loan balance of $5.2 billion. The product has increased the number of deposit accounts at CBA from under 35,000 to over 5 million in less than a year, making CBA the second largest bank in Kenya in terms of customer accounts after Equity Bank.

8. Innovative microfinance models are still emerging: While we have not seen MFIs or their customers driving the development of a successful mobile banking system, the opportunity for MFIs in markets with thriving mobile payment systems is clear. Faulu, KWFT and SMEP in Kenya are examples of deposit taking MFIs that are leveraging M-Pesa for loan repayments, savings mobilization and even loan disbursements. Beyond traditional MFIs leveraging mobile banking, questions remain in terms of whether fully cashless but still relationship-based models like Musoni will be able to scale, or whether those models that leverage technology to replace costly human interaction will be able to provide the quality of financial services that customers are after.

9. Financial inclusion is not a zero sum game: The success of M-Pesa in Kenya does not appear to have taken opportunities away from other financial service providers. In fact, since M-Pesa launched in 2007 the number of bank accounts in the country has increased from 4 million to almost 20 million, which is not as far off the number of registered mobile money users (over 24 million) as one might have thought. Since the first FinAccess report in 2006, one year before M-Pesa launched, the percentage of adults using a bank account in the country has increased from 13% to 29%. By partnering with over 140 financial institutions, M-Pesa has revolutionized the ability of banks to scale up fast.

10. Mobile money got a huge boost from an influential global standard setter. Earlier in 2013, the Financial Action Task Force (FATF), the inter-governmental body developing and promoting policies to combat money laundering and terrorist financing, issued its first-ever guidance document for prepaid cards, mobile payments and internet based payment services. The guidance lays out a risk-based approach: it creates regulations that are commensurate with the risks posed for money laundering and terrorist financing. The guidance affects almost all the major mobile money markets from Kenya to Pakistan where those types of risks are real and closely watched. Those risks become more significant as mobile money grows. The good news is that the guidance goes a long way to provide the space for national regulators to regulate mobile financial services with the goal to promote financial inclusion.

Ecosystem building is still the keyword in successful mobile money service. Big Data may be helpful in designing targeted, consumer segment specific offerings. Combining learning from M-Pesa and ISIS, it is clear that in mobile money, one size doesn't fit all.

You missed Wing (Cambodia) completely - US$1bn sent via OTC/P2P alone in 2013 in a country with an addressable market of just 8m, I'd say that was worth a mention of a successful mobile money implementation. Airtime, bill payments, payroll, retail payments, POS/NFC, online payments, loan collections, B2B, G2P payments, etc. - plus it still connected to multiple operators, almost unique in that respect. 2351a5e196