Zain & MTN apply for m-banking licences in Nigeria

www.WirelessFederation.com/news: Zain and MTN, the Nigerian incumbents have applied to the Central Bank of Nigeria for m-banking licences as they seek expansion in mobile banking foray. Both the operators will reportedly target both banked and unbanked population of the country. Zain Nigeria said that its Zap service will enable subscribers to pay bills on goods and services, receive and send money from friends and families, manage their bank accounts, withdraw cash and top-up and send airtime.
A Zain spokesman said the licence being sought was not to run core banking operations but to use its network to drive mobile banking to areas where there is telecoms coverage but limited banking services. According to Emmanuel Okoegwale, an Executive Director of mobile services provide Tagattitude Nigeria, there is clearly untapped potential in the Nigerian economy, as the country has only 20 million bank accounts but over 60 million mobile subscribers.