Aug 23, 2011 – CBN Grants UBA License To Operate Mobile Payment
United Bank of Africa (UBA) has been granted license to operate a mobile payment service by the Central Bank of Nigeria (CBN) .
The mobile payment service known as U-Mo is among the 7 licenses granted by CBN, and had earlier been granted approval-in-principle, enabling the UBA Group to quickly deploy and commence full operations with the establishment of Afripay, its mobile banking subsidiary.? ?Dr. Yinka Adedeji, Chief Executive Officer, Afripay, revealed that U-Mo provides higher level of security than cards, given that it only requires your four-digit Personal Identification Number (PIN) and possession of your mobile phone to perform any operation.
Adedeji said that U-Mo Mobile money is available to all mobile subscribers irrespective of their mobile service provider. He also said it can be used by people with or without bank accounts in UBA.
Adedeji, disclosed that in in order to ensure that all customer segments are covered, a number of products have been introduced by Afri-Pay.
These products include U-Mo Silver for customers with very little information. it allows them to spend or pay up to N3,000.00 per transaction and up to N30,000.00 per day. U-Mo Gold, for customers with contact information and details. A U-Mo Gold customer is allowed to spend or pay up to N10,000.00 per transaction and up to N100, 000.00 per day. U-Mo Platinum for the more sophisticated customers who are allowed to spend or pay up to N100,000.00 per transaction and up to N1,000,000.00 per day. To qualify for U-Mo Platinum,you have to provide detailed information including a verified address and a reference.