EGX closes on green note on July 6th    Venezuela vows to uphold sovereignty on 214th independence anniversary    Egypt's FM probes Gaza truce, Iran-Israel tensions with intl. figures    ADIB Egypt publishes second sustainability report for 2024    Over 215,000 projects funded under Mashrouak, exceeding EGP 33bn in May: Minister    Gaza ceasefire hopes rise amid intensifying Israeli strikes, mounting death toll    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    UN conference cites Egypt's 'NWFE' programme as model for development finance    Al-Sisi calls for unified efforts to hold elections in Libya, urges withdrawal of foreign forces    EGP edges down in Sunday morning currency trading    Egypt, Russia's Rosatom review grid readiness for El-Dabaa nuclear plant    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Philip Morris Misr announces new price list effective 1 July    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.
BM


Clic here to read the story from its source.