Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt hosts 4th African Trade Ministers' Retreat to accelerate AfCFTA implementation    Egypt's Investment Minister, World Bank discuss strengthening partnership    El Hamra Port emerges as regional energy hub attracting foreign investment: Petroleum Minister    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's gold prices hold steady on Sep. 15th    EHA launches national telemedicine platform with support from Egyptian doctors abroad    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Cashfree society advancing in Nigeria
Published in Bikya Masr on 25 - 02 - 2011

Nigeria is looking to move toward a cashless society in order to reduce risks of counterfeiting, robbery and cash flow problems. In order to do so, 3Line Card Management Limited – an electronic payment platform – has developed the Freedom Card aimed to make banking services easier and cash free in the African country.
According to the company, Freedom Card “is an end-to-end electronic payment solution, is targeted at providing street banking services for the under-banked and underserved communities in Nigeria through its Freedom Network platform.”
The Freedom Network is a community of banks, service providers, government agencies and merchants that offer instant financial services such as cash withdrawal, money transfer, airtime top-ups, ticketing, pay-as-you-go vehicle insurance and utility bill payment at authorized retail shops and Freedom Network service points in neighborhoods.
“3Line intends using the Freedom Card to provide a single and common platform to provide street banking services to stakeholders, provide financial inclusion for the informal sector, bridge the gap between users and providers of financial and non-financial services in Nigeria as well use cost-effective technology to provide Nigerians affordable financial services within communities,” it said in a statement.
Speaking at the unveiling of the services in Lagos, General Manager of 3Line, Funke Ade-Ojo explained that Central Bank of Nigeria (CBN) has given its approval and that the network conforms to the CBN's e-payment regulatory framework.
She told reporters that the aims of Freedom Network “are to bring about and expand the aspiration of Nigerians in under-served and un-served areas through the availability of a secure platform and infrastructure that is open to all.”
While sharing how her company would attract the informal sector into the network, she said the under-banked segment of the economy would be reached with Point of Service (PoS) devices to provide universal service (US) access to financial and light banking services known as “Street Banking.”
Street Banking is a “customer friendly and cost effective way of providing secure, light banking services to groups of people in a community using existing merchants within the same community who are known and trusted,” she said.
“Freedom Cards are already accepted on the Interswitch network for ATM cash withdrawal nationwide; we began tests with the national central switch, and have collaborated with several technology and marketing service providers,” she added.
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