(L-R) Visa. Director, Client Support Accont, Mr Frank Atashili, President of Sub-Saharan Africa, Visa, Mr. Andrew Torre, Divisional Head Electronic Banking Fidelity Bank, Ifeoma Onibuje, Head Retail Banking Businesses Diamond Bank, Mr. Robert Giles, Visa Senior Vice President of digital solutions for Visa Middle East, Mr. Uttam Nayak, and Acting Country Manager, Visa West Africa, Mr Emezino Afiegbe at the official launch of mVisa in Nigeria
Global payment leader, Visa last week launched mVisa, its QR-based innovative mobile payment service in Nigeria, in line with its determination to cover the entire Africa.
It would be recalled that by February this year, the company announced that mVisa, which was then live in India, Kenya and Rwanda, would soon be available to merchants and consumers in Egypt, Ghana, Indonesia, Kazakhstan, Nigeria, Pakistan and Vietnam.
mVisa, a mobile solution, brings the benefits of easy and secure digital commerce to financial institutions, merchants and consumers in emerging markets – helping accelerate the global migration from cash to electronic payments.
By this development, consumers from Visa’s Nigerian partner banks can pay with any mobile phone wherever mVisa is accepted.
mVisa transactions are processed via Visa’s global network, VisaNet, applying the same scale, security and reliability as any other Visa transaction.
According to the providers from the date of the launch (July 19), Diamond Bank, Fidelity Bank and First Bank will offer their customers the convenience of mVisa through their mobile banking apps.
They further announced that Access Bank, Ecobank, United Bank for Africa and Zenith Bank will go live with mVisa in the coming weeks. Nigeria is the first market to provide customers the convenience of making cross-border payments using mVisa.
Speaking at the launch event, Andrew Torre, President for Visa Sub-Saharan Africa said, “Small and medium merchants in particular, no longer have to invest in expensive point of sale infrastructure as mVisa gives them the freedom to accept payments in a convenient, secure and affordable manner that their customers trust.”
“We are very excited to see more and more merchants come on board every day as they begin to understand the benefits that mVisa brings, including real-time notifications of payments and access to sales and transactions history. We have campaigns lined up for the coming months to support our merchants and encourage new customers to experience mVisa at various locations across Nigeria.” Torre said
“Today, Visa and its financial institution partners are, for the first time, providing the benefits of digital commerce to potentially everyone, everywhere across Nigeria and the African continent, bringing millions more people into the formal financial system.”
Senior vice president of digital for emerging markets, Visa Inc, Uttam Nayak, assured that mVisa is fast, easy and secure to use, with an added advantage of saving cost as it does not require POS.
“Small merchants using mVisa, for the first time, are most excited about how quickly and securely they receive electronic payments, without having to invest into expensive point of sale (POS) infrastructure.
“We are excited to continue to build momentum around mVisa to digitize payments with a scalable, interoperable and secure solution that benefits merchants, financial institutions and consumers.”
In his remarks, Group Managing Director and Chief Executive Officer, Diamond Bank, Uzoma Dozie, stated that the launch of mVisa is timely and aligns with the cashless policy of the Central Bank of Nigeria (CBN) and the digital growth strategy of the bank.
‘’With mVisa, Diamond Bank has raised the bar for cashless banking in Nigeria by maintaining its leadership role in driving digital financial revolution in the country.
“Our customers will be able to make everyday payments simply by using their mobile phones. I think mVisa is the biggest thing that has happened in the industry.”
Chief Information Officer of Fidelity Bank, Gbolahan Joshua, said: “mVisa is an innovative service that merges the everyday mobile phone to a payment solutions plan that is easy for our customers to use.
Our account holders will appreciate the convenience mVisa offers.”
Also speaking, Group Head, E-Business, FirstBank, Chuma Ezirim said the bank would continue to embrace innovation to deliver superior services in the best way possible to its customers.
”Partnering with Visa to deliver mVisa is part of the FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers.
“It further promotes our digital approach by delivering omni-channel experience to all our customers while enhancing our existing offerings”, he emphasized.
A statement from the company indicates that mVisa is already accepted at hundreds of locations across the country with many more merchants joining the ecosystem over the next few months. These merchants include DSTV, Konga.com, Genesis and IMAX Cinemas, Hard Rock Café, Quickteller and Spar.
The mVisa implementation in Nigeria benefited from the Visa Developer Platform, which allowed all partner banks the ability to integrate the mVisa APIs directly into their mobile banking apps.
While rolling out a new solution with a bank typically can take a very long time from development to implementation and testing, utilizing the Visa Developer Platform interface reduced the time taken significantly.
This helped to speed up the number of banks who have been able to roll out the mVisa solution in Nigeria.
mVisa is now live in Nigeria, Kenya, India, Rwanda and Egypt with plans to launch across Africa.