eWallet System designed to promote International Merchants in Nigeria & African diaspora Launched

Top Quote eWallet geared at African Merchants and the unbanked populations of Africans is launched today. End Quote
  • (1888PressRelease) October 18, 2011 - Naira Converter BVI has provided Africa's expatriate, unbanked, business and merchant population with a financial service that will enable them to access money from Naira Converter Cash Locations (Points).!/NairaConverter

    The new financial product will be known as the Nairaconverter eWallet, which is launched today.
    According to Naira Converter Product and Systems Manager, Naira Converter 's eWallet Service offers the bank's customers the ability to send money from a valid transactional account to anyone with a valid email number via email Banking and the Points. The Product Manager said the recipient is notified via a Short Message Service (Email or SMS) that money has been paid into his or her eWallet with instructions on how to access the eWallet. "The money is received instantly and is available to be withdrawn by the recipient from any Naira Converter Points," she said. The Product Manager added that the recipient is also able to purchase goods, partially withdraw the money, check their balance, get a mini statement or send money to someone else with a valid email number. The recipient doesn't need a card to withdraw money from the eWallet Service at the Points.

    With regard to customers' benefits from this service, The Product Manager said, an immediate benefit to users is that senders can send money to friends and family safely and instantly. She added that the recipient must have a valid email number but does not need to have an Naira Converter bank account. Another benefit highlighted by The Product Manager is that there is no registration needed for Naira Converter and non Naira Converter customers to enjoy the service. "If you already have an Naira Converter transactional account and an Points card or have access to the email Banking Service, you can immediately send money to someone," she stated. At the moment, The Product Manager mentioned that the ability to send money to a email via Online Banking is still not available but would be available soon.
    The Product Manager further elaborated that through the eWallet Service, Naira Converter 's vision has been to establish an ecosystem which provides a faster, cheaper, safer and easily accessible alternative for banking and lifestyle based products. She said this has been achieved by providing unbanked customers access to financial services, cross - selling prepaid goods to non-Naira Converter customers and to ultimately servicing segments that traditional banking products and services have previously been unable to reach.
    Among other benefits which The Product Manager mentioned was that senders pay a small fee but recipients are not charged anything for fully withdrawing the funds sent to them. It also transpired that at the moment it is still free to send money.

    The Product Manager also emphasised that Naira Converter 's eWallet lifestyle represents accessibility to banking, security, and convenience for all and Naira Converter customers.
    Naira Converter 's Head of Retail Banking, Charles Bethel said Naira Converter has always been cognisant of the challenge of providing financial services to Africa's's unbanked population. "We also acknowledge that the email has shown itself to be a device with fewer barriers to entry than most technologies and has successfully penetrated the Swazi market due to an overwhelming demand for any form of telecommunication and its ease of use," he said.

    How is eWallet created?
    Any Naira Converter account holder can create an eWallet for themselves or someone else, by simply sending money from an Naira Converter account to their or someone else's valid email number. Money can be sent from an Naira Converter Points, through email Banking or Online Banking.

    How is money sent to an eWallet using email Banking?
    l Register for eWallet at an Naira Converter branch, Naira Converter Points or via Online banking.
    l Select send money,
    l Select the account you want to send money from,
    l Key in the email number you want to send money to,
    l Enter the amount you want to send and
    l Confirm that all information provided is correct. Customers must note that money sent to the wrong account will not be refunded.

    Steps to be followed by the recipient:
    You will be notified via Email or SMS and you will be required to activate the eWallet within 13 days of receiving the money by following the below steps:

    l Set a five digit secrete PIN to protect the eWallet.
    The eWallet is now activated.
    How money is withdrawn from the eWallet
    1. Enter eWallet username
    2. Enter your eWallet PIN,
    3. Select "Withdraw cash" and then get Points PIN,
    4. You will receive an Email or SMS with an Points PIN. Go to an Naira Converter Points,
    5. At the Points Press the green button (enter/ proceed),
    6. Press the button next to 'Wallet Services' on the screen,
    7. Key on your email number,
    8. Key in the Points PIN sent to your email,
    9. Choose the amount of money you want to withdraw,
    10. Take your money from the Points.

  • FB Icon Twitter Icon In-Icon
Contact Information