Interswitch & BBM introduce cardless cash withdrawal service in Nigeria

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A new financial service has been introduced in BBM for Nigerians. This service which is also known as Paycode, enables cardless cash withdrawals at ATMs as well as cardless/cashless payments in participating in real-world stores.

Paycode is a service from Interswitch Ltd which has made all this possible. Nigerians can find Paycode on their Discover menu today. Interswitch currently procides BBM users with airtime top-up and a money trasnsfer service. Later this spring a bill payment solution is expected from this partnership.

These impressive improvements are meant to establish BBM as a leading messaging platform for mobile payments and further to give BBM customers a better app experience. Eventually it is expected to be the gateway to a better digital world.

Nigeria and South Africa have been leading the biggest mobile markets in Africa. Since both promise lots of growth for mobile services it has proven to be the key markets to invest in.

Like most of the rest of the world, Africans are enthusiastic mobile users. According to Deloitte’s Game of Phones: Mobile Consumer Survey 2015/2016:

  • More than half of consumers in the region check their phones within 5 minutes of waking up in the morning, and going to bed at night.
  • Instant messaging has overtaken traditional text as the preferred method of communication in all African markets except Kenya and Uganda. Usage rates continue to grow in all markets.
  • Consumption of internet media via mobile devices is also on the rise. News (text and video) and other short-form video are the most popular content, followed by music streaming.
  • Africans are interested in mobile money solutions, both payment and transfer services. The study showed 50% or more are willing to use these kinds of services.
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For all the above reasons, BBM has been working hard to serve their African customers.

As for Nigeria and South Africa, more content and services will be offered at a steady clip. Currently in Nigeria, BBM is working with Interswitch and other partners to introduce travel services, lottery, sales, shopping, food delivery, sports betting, hotel booking and ticket purchasing for movies and other events. South Africans will soon get to enjoy multiple types of video, games and editorial such as content about sports, lifestyle, culture, music, entertainment, kids, food, and cars.

If you’re in Nigeria, be sure to try Paycode today. We’ll let you know here as we release the other services we have lined up this year, so keep checking back.