Nigeria’s Teasy Mobile (“Teasy”) has selected VeriFone Mobile Money, a joint venture between VeriFone Inc. and Mobilis Networks Limited to widen mobile money services in the country and make it more relevant to local needs.
VeriFone Mobile Money will deploy its retail enablement solution integrating the mobile wallet, banking, and telecommunication provider networks with the point-of-sale (“POS”). This will make it possible for Teasy to deploy mobile POS (mPOS) and biometric solutions, which will allow the use of biometric data for secure user identification and authentication, aligning with recent Central Bank of Nigeria (CBN) policies around know your customer (“KYC”) and financial inclusion.
According to Chris Jones, CEO of VeriFone Mobile Money, ” With Teasy Mobile, VeriFone Mobile Money will be offering a market first in Nigeria delivering Teasy customers frictionless, fast and secure transactions at the agents’ point of sale utilizing a combination of biometrics and near field communications (NFC) devices including Mobile and Card.”
“Our solution has proven to increase wallet adoption in developed and emerging markets,” said Jones.
VeriFone Mobile Money will be building upon Teasy’s existing capabilities and providing a range of new services into Nigeria, a rapidly advancing and sophisticated mobile money market with already established payment providers.
Incorporated in 2010 as Teasy International with Roamware, Infobip and Clickatell as partners, Teasy Mobile has built a fully inter-operable mobile payment platform capable of delivering end-to-end mobile commerce solutions through a convergence of channels that can interface with Banks, Telecommunication companies, Non-bank Financial Institutions (MFIs, BDCs, etc.), Merchants and other Institutions in Nigeria. It’s partnership with VeriFone Mobile is in line with its objectives.
Musa Ali Baba of Teasy stated that the solution will enable them to roll out a mixture of point of sale and mobile wallet technology, thus capturing all points at which the customer will transact.
“VeriFone Mobile Money has provided a very advanced, yet easy-to-use solution to Teasy that will add value to the Nigeria Cashless Vision and allow for alternative and easier ways to make payments benefiting Nigeria and the industry as a whole, and we are very excited to enter into this partnership.”