Emida Customer Licensed in Nigeria
FOOTHILL RANCH, California, January 17, 2011 (Business Wire)– Emida Technologies, a global leader in prepaid solutions, announces that its partner company in Nigeria has received a Preliminary License from the Central Bank of Nigeria (CBN) to operate Emida’s Cash and Transact™ (CAT™) Mobile Wallet platform. Phase one of the service will launch shortly across the country, establishing mobile money transfer services for the largest market in Africa.
CAT™ Mobile Wallet is a simple-to-use application for loading cash, or e-value, to any phone. Customers can then send money to any other phone, pay bills, buy content like ring tones and airtime, play the lottery, and even shop on the internet using the cash on the phone.
Another important benefit of CAT™ Mobile Wallet is the ability for customers to get cash from the phone, from their local shop, supermarket, or other local retailers.
Dennis Andrews, Emida’s CEO, in announcing this new CAT™ deployment, said “Our local partners plan a roll out of over 20,000 agents and anticipate more than 2 million users in 24 months of commercial service. They are utilising existing distribution channels to gain economies of scale at the lowest cost. CAT™ Mobile Wallet is the ideal platform to provide financial services to the unbanked. Nigeria is the largest country on the African continent, and one of Africa’s most important economic engines.”
CAT™ Mobile Wallet is an enterprise grade software platform suitable for large mobile operator networks, micro finance institutions, banks and other financial services providers. CAT™ uses some of the highest levels of encryption available, and allows service providers to comply with Know Your Customer [KYC] and Anti Money Laundering [AML] requirements of the regulators. The reporting features of CAT™ enable service providers and regulators to monitor activity in real time, and ensure compliance and liquidity issues can be addressed easily.
Emida is a leader in the global prepayment and value transfer market, operating in 37 countries including the U.S., Mexico, 21 countries in the Caribbean, Panama, El Salvador, Belize, Papua New Guinea and 7 other countries in the South Pacific, as well as the United Arab Emirates and two markets in Africa. We support a network of more than 46,000 retail points with an annual dollar payment volume in excess of $1B, processing more than 180 million annual payment transactions.
Our network technology enables the domestic and international distribution and value transfer of many types of prepaid products and payment services. Our strategy is to build profitable, robust distribution networks for many prepaid products in targeted operating geographies, and to introduce unique cross border value products between regions. Our payment processing platform provides robust revenue solutions for distributors, ISOs, retailers, carriers and service providers alike.