Visa to roll out mobile payments service in Nigeria

Visa says it is in "advanced discussions" with leading Nigerian banks over the launch of its QR-code based mobile payment service mVisa before the year's end.
mVisa enables consumers to pay for goods by scanning a QR code on a smart phone or entering a merchant number into their feature phones. Payment goes straight from the consumer’s Visa account into the merchant’s account and provides real-time notification to both parties.

Consumers can also use mVisa agents for domestic remittances as well as to access their cash if there is no ATM network.

Ade Ashaye, group country manager for Visa West Africa, says: “Because mVisa allows merchants to accept Visa payments without having to invest in costly point of sale hardware, it gives Nigerian consumers a reliable, secure and convenient mobile payment option.”

The card scheme says the interoperable nature of the service and its ability to work on both smarphones and basic handsets opens up access to all 150 million active phones in Nigeria, with a positive benefit for the country's financial inclusion policy.

Robert Giles, head of retail banking for Diamond Bank, says he's excited about the prospects for mVisa. "The service enables people to engage in secure, digital commerce, and access funds more easily in their bank accounts to make everyday purchases," he says. "mVisa increases the opportunity to include more Nigerians into the formal financial system, which will help the economy, and society grow.”