In an attempt to bring mobile money to Nigeria, Globacom has signed a Memorandum of Understanding (MoU) with AfriPay, a subsidiary of United bank of Africa (UBA). Following the signing of the MoU in Lagos, Managing Director, AfriPay, Mr. Yinka Adedeji has reportedly said that their partnership with Glo will enable the bank to reach millions of Nigerians and subscribers on Glo’s network and Glo’s mobile payment platform, Glo Text Cash, through its new mobile payment product, U-Mo.
He further stated that customers on the mobile banking product will enjoy a number of benefits, ranging from non-restrictions on cash limit, money transfer and banking services from any location and they will not be required to open an account with the bank. In addition to this, he also said that mobile payment and mobile banking product will provide subscribers and customers with 24 hours banking services daily, apart from its advantage of cash transfer from one individual to another. Sources claim that in the near future, the product will be further developed to perform other services, such as payment of goods and services purchased from both big and small businesses.