With the growing level of acceptance and also teething challenges of mobile payment and digital remittance Nigerians face daily, an indigenous tech start-up based in Lagos, BeepTool, has unveiled an App, called m-naira, which is designed to bridge the gap in financial inclusion, mobile payment and remittance space.
According to the firm, m-naira mobile app has been described by industry watchers and stakeholders as a timely intervention in the mobile payment ecosystem, “contributing to the country’s stride towards a full cashless economy.”
It said: “m-naira App is a revolutionary Fintech App by BeepTool. The main aim of this fintech app is to help any Nigerian located either inside or outside the country to send, receive, pay, and save cash instantly.
“As of today, Nigerians in the Diaspora send up to $24 billion annually to Nigeria. At an average cost per transaction of 11.89 percent, Nigerians are spending more than $7 billion in fees.
“We think we can do better. The m-naira App is designed to be the fastest and most secured way to send and remit money home directly to a bank account or mobile wallet. It is also designed for paying bills for family and friends from any part of the world.”
Speaking to the media, Co-founder and Business Development Manager, BeepTool CIS Limited, Mayowa Ihinmikaiye, said: “m-naira App is a value sharing and money transfer services platform that interconnects all Nigerian bank accounts, mobile wallets, and billing systems to deliver instant remittance services to Nigeria from anywhere in the world.
“Whether you’re supporting your family or doing business in Nigeria, m-naira App makes it convenient and safer to send, receive, pay as well as save cash instantly from your phone at a quarter of the cost of your bank or high street money transfer provider.”
He added: “m-naira App works directly with service providers to enable remote payment for services such as utilities, healthcare, school tuition among others.
“Nigerians living in rural areas are not left out, as we are connecting them to the financial world using Nano-satellites. This will allow Nigerians in areas with poor or no connectivity use the m-naira app to send and receive payment for goods and service.”
The app, he said, had shown a lot of promises, having features such as instant transfer available from United Kingdom, United States and EU approved countries to Nigeria with 24/7 delivery real-time updates on transfer, “so you know exactly where your money is and there is no credit or debit card fees.”