Money Box Introduces Easy Payment Platform

In its quest to create a cashless society, reduce crime and to key into CBN’s vision 20:20 to reduce the mobility of cash in the nearest future, MoneyBox Africa limited has launched an innovative savings and payment system based on scratch card enabled by any mobile phone.

CBN boss

Speaking at a press conference to introduce the product in the Nigerian market David Kay, the Managing Director of MoneyBox Africa said, “MoneyBox offers a cash-like way to save, spend, and transfer money. It is a mobile money transfer service that puts people in control of their financial transactions. It can also be used with any mobile phone anywhere, anytime and on any mobile network with any bank and by any individual.”

Explaining the modalities of the platform, Kay stated  that  customers can open Accounts-On-The-Street(AOTS), deposit money directly into the account, top-up phone credit, pay utility bills and insurance, send money to friends and relatives, withdraw money at agent locations or ATM, get access to loans and make investment, amongst others.

To this end; it is as easy as buying a scratch card and fast as sending an SMS. MoneyBox in turn delivers immediate confirmations to senders and receivers boosting relationship with friends, family and business partners.

The MoneyBox scratch card can be bought from MoneyBox shops, authorized dealers and MoneyBox partner banks.
Frank Mba, Lagos State Police PRO who also spoke at the event said that, “We, as the police are very excited about MoneyBox.

I look at two things, the investment and financial opportunities. The product will create a cashless society and due to unemployment the unemployed are likely to go into crime, MoneyBox has the advantage of helping us fight crime from a pragmatic and proactive point of view. The lesser the cash, the greater the disincentive- for them to attack. It is a credible tool to fight crime and suppress the mischief of criminals.”

MoneyBox is funded by Africa Enterprise Challenge Fund, AECF which opened shop two years ago. Hill Scott, CEO AECF said the enterprise provides funds to promote business innovation across Africa in agriculture and finance sector.

It aims to have a big impact on employment and make a big difference in the lives of poor people. It currently provides loan and grant money. Money made available to MoneyBox is 50% loan and 50% grant.

The pilot programme for MoneyBox was carried out at the University of Lagos , Akoka whereby students were given free samples of the MoneyBox scratch card to purchase goods.

A student of the University of Lagos , Elizabeth Nwachukwu who has made use of the MoneyBox scratch card in a supermarket close to the University said that, “MoneyBox is a beautiful concept, it is a good idea and a device everyone could and should use.”