An affordable mobile banking line for Africa

MoneyBoxAfrica in cooperation with paybox are working at a new mobile - banking product that is expected to become the largest mobile financial ecosystem around Africa in the near future. It represents a saving and payment system operating on the basis of a scratch card and it is activated by any mobile phone.

Users can open their accounts on the streets, remotely save money into their accounts, top up their phones, pay utility bills and tithes, buy insurance premium, send money to friends and relatives, withdraw cash at agents' locations or ATMs, get access to credit and make investments.

The MoneyBoxAfrica has a number of advantages as regards basic and additional services. Customers may use the system opportunities almost with no obstacles. The system has many proposals at low rates. Phone users can make remote and close distance payments, get access to stored-value-account and eventually a bank account. Besides there are also such features as bill payment, airtime top up, international remittance with the appropriate user interface technologies. MoneyBoxAfrica allows profitable, convenient and adaptable soltutions.

"Our partnership with MoneyBoxAfrica gives us the opportunity to demonstrate the transformational benefits of a mobile Banking solution in an emerging market economy. In a cash-dominated market, offering a banking solution to anyone with access to a mobile phone has a huge potential," says Eckhard Ortwein, paybox CEO.

Adeniyi Elumaro, CEO of MoneyBox Nigeria Limited: "Together, we can fast-track Nigeria and several African countries to achieve the Millennium Development Goals (MDG). We will bring an innovative system to the market that can enable possibilities, bank the unbanked and under-banked and deliver dividends of democracy to Africans starting with Nigerians. MoneyBoxAfrica, will simplify people's lifestyle by enabling access to broader financial services for anyone."