MOBIQUITY Mobie Financial Services has been given the 2013 best mobile banking technology award by the World Finance Technology. Mobiquity mobile financial services, a subsidiary of Mahindra Comviva, was recognised for its work in delivering relevant technology solutions for accelerating financial services growth in Asia and Africa.
Srinivas Nidugondi, Mahindra Comviva head of mobile financial solutions, said the convergence of banking and mobile has a strong transformative potential in Asian and African economies, as mobile networks are very often the only communications infrastructure and mobile devices, the most widely available platform for consumers to initiate transactions with banks. “The award is a validation of our unrivalled experience, in-depth understanding of the market and technical expertise to deliver solutions which support rapid and seamless scaling of the payment services network to bring innovative, mobile financial services to consumers,” he said.
Mahindra Comviva’s mobiquity mobile financial services platform enables banks and mobile network operators to cater to diverse financial needs of banked and unbanked customer segments. Deployed by over 60 financial and non-financial institutions in 38 markets across the globe, mobiquity accelerates the shift from a ‘cash to a cashless’ economy. In 2012, the system processed transactions approximating USD 5 billion in value.
Comviva’s mobiquity mobile financial services platform links a mobile wallet account to any payment instrument (cash, bank account, debit and credit cards), which customers can access using multiple access mechanisms, including apps, STK, USSD, Web and NFC. Across deployments, mobiquity platform aids service providers address rapidly evolving transactional needs of a broad set of consumers by supporting cost-efficient delivery of a range of convenient, reliable and secure financial products. Customers can receive monies directly into their mobile wallets in the form of domestic and international inbound remittances salaries and government grants and use available funds to pay insurance premiums taxes utility bills, and merchants. Easy access, simplicity and convenience offered by the mobile as a transactional channel have helped bring 30 million households into the formal financial services fold in cash-intensive economies of Asia and Africa.
Established in 2007, The World Finance awards recognizes the evolving trends across the financial world and identifies industry leaders, individuals, teams and organizations that represent the benchmark of achievement and best practice in the business world.
New Procedure for Cross-Border Trade
THE federal government has inaugurated the Nigeria Trade Hub, NTH, Portal, and the Nigeria Import, Export and Transit Process Manual that would help to harmonise and simplify the procedures for cross-border trade. The NTH is an interactive portal to assist importers and exporters to obtain correct and timely information that will enable them to make informed decisions about doing business in Nigeria.
Ngozi Okonjo-Iweala, minister of finance, said at the event that the move would enable the country to achieve a 48-hour cargo clearance at the ports. “The Nigeria Trade Hub is similarly a useful step towards improving trade facilitation in our economy. This initiative will simplify, harmonise and standardise the procedures for cross-border transactions in Nigeria. As a result, it will further reduce delays associated with cross-border trade and enable us to attain our goal of 48-hour cargo clearance time at the ports,” she said.
Olusegun Aganga, minister of industry, trade and investment, said the NTH was a veritable vehicle to drive the Nigerian trade cycle towards economic development. “The inauguration of the information phase of the trade hub will facilitate the next phase, which allows for end-to-end transaction in a single window environment,” he said.
Aganga noted that the hub would facilitate an effective use of the single window for trade in the country. “The application of the single window will help in the modernisation and simplification of the processes and procedures of international trade in Nigeria. An efficient application will help in creating a competitive and enabling environment for cross-border trade in terms of reducing processing time and cost; hence enhancing regional economic integration.”
By Compiled Anayo Ezugwu