Diamond Bank, First Bank and Fidelity among the major commercial banks that have formally adopted mVisa, the new payment technology solution introduced to integrate a common payment system for the banks and that will also address the challenges with the use of debit cards in the system.
Zenith, United Bank of Africa, Wema, GTB, Bank PHB, Eco Bank, and FCMB are also partner banks to key into the disruptive technology introduced by Visa, a global payments technology company.
Visa said it want to digitally disrupt how consumers make payments in Nigeria either to their merchants, financial institutions r to the governments through the use the new app called mVisa.
According to the President for Visa Sub-Saharan Africa,Andrew Torre during the formal launch of the app in Lagos, the solution will also allow consumers in any part of Nigeria make payments, digitally, regardless of whether they use a smartphone or feature phone.
Also, commercial banks and merchants will no longer have to invest in expensive point of sale infrastructure as mVisa gives freedom to accept payments in a convenient, secure and affordable manner that their customers trust.”
Torre said, ““Today, Visa and its financial institution partners are, for the first time, providing the benefits of digital commerce to everyone, everywhere across Nigeria and the African continent, bringing millions people into the formal financial system.
“This disruptive technology will definitely address the major challenges peculiar with both the bank and the un-banked Nigerians with regard to their payment system. And 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.”
According to Diamond Bank’s Group Managing Director and Chief Executive Officer, Mr. Uzoma Dozie, mVisa is timely and it aligns with the cashless policy of the Central Bank of Nigeria (CBN) and the digital growth strategy of the bank.
Represented by Head of Retail Banking Businesses,Robert Giles, Dozie said, ‘’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.”
On his part, Fidelity Bank CIO, 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.”
FirstBank’s strategy to deliver reliable, secure and convenient payment options to its esteemed customers also revolves around the integration of the mVisa solution, this was according to FirstBank Group Head, E-Business, Chuma Ezirim, stating that the Bank would continue to embrace innovation to deliver superior services in the best way possible to its customers and partners.
mVisa is already accepted at hundreds of locations across the country with many more merchants joining the ecosystem over the new 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 Apps directly into their mobile banking system.
