eTranzact M-Teller Mobile Money e-wallet now PocketMoni
eTranzact M-Teller Mobile is been known as pocketmoni, they also have pocketmoni customer care, etranzact portal
pocket moni business is amobile business any body can operate from the comfort of your home how to open pocketmoni account has been provided also.
etranzact customer careOne of the companies that got CBN approval to offer mobile money services in Nigeria is eTranzact. Formerly called M-Teller Mobile Money, the new mobile money service is now called PocketMoni. We will provide our thoughts here about the new mobile money e-wallet service and how it may work based on the data already released by eTranzact and operation of mobile money services in other countries notably Kenya.
eTranzact also launched the mobile money service as PocketMoni Mobile Money, click on the link to know more about the services.
According to eTranzact, the M-Teller Service is known as a mobile money service designed to provide safe, cheap and convenient mobile money services for the banked, under banked and unbanked. Aiming at providing easy financial transactions. M-Teller Mobile money accounts can also be opened at any agent location which is in almost 50,000 locations. It also provides access to more people.
Subscribers to the M-Teller mobile money service store money on the virtual e-wallet which is on their mobile phones and then use it to send or transfer money and also pay for goods and services direct from their mobile phone. e-Tranzact M-Teller mobile money service also allows customers to deposit and withdraw money at all agents location. Funding of transactions are done either from the M-Teller mobile Wallet or the subscriber’s bank account.
Convinience is the aim of eTranzact M-Teller service. Without visiting a bank or carrying cash around, subscribers to the mobile money service can carry out transactions. All they need is a mobile phone and an M-Teller mobile money subscription. As soon as there is fund in their mobile wallet, they can settle their debts, pay for services or transfer funds and so on with this fund.
How M-Teller mobile money service will work
According to how mobile money services operate in other countries and the data released so far by eTranzact, this is how the M-Teller mobile money service will work. Subscribers will visit any if the 50,000 mobile teller agents location that will be available nationwide. Though not stresfull as opening an account in a bank, subscription will probably require some documentation.. The M-teller mobile money service subscription may require a passport sized photograph, or mobile tellers will require digital cameras for a snapshot of the user’s photo onsite. Also required will be an ID.
As soon as a subscriber is fully registered, they can start enjoying mobile money services. First, the user has to fund their mobile money account. Users give cash to the M-Teller agent to have their mobile money account funded. Irrespective of where they opened the account, users can fund their mobile money account at any agent location. Immediately the user e-wallet is funded, they can save money, send/transfer money and also pay for products and services straight from their mobile phone. Cash can also be withdrawn by a user at any mobile teller location irrespective of where the account was opened. Withdrawals may attract a commission. Every transaction will be confirmed via SMS for the parties involved. A secret PIN to protect their account will also be issued to the users.
It is not clear how mobile money transactions will be conducted with M-Teller but based on operations of mobile money services in other countries it is likely to involve SMS and USSD commands. For SMS, mobile money subscribers are required to send commands through SMS to a particular number. Each type of transaction like money transfer will have it’s command. USSD is same but here the command is dialed more like when you are recharging your mobile phone.
For ease of use, the M-Teller mobile money menu may also be integrated into the user’s SIM. Take note that that this is also SMS/USSD based, but rather than the users sending SMS/USSD commands, the commands are integrated into the menus. Therefore the user simply navigates the mobile money menu item for a particular transaction and fills in the required field. Here, the phone automatically generates the mobile SMS/USSD command required to initiate the transaction which it sends. The advantage of this approach is that users need not memorise commands which makes it more user friendly. This works only if there’s support from network providers so that M-Teller mobile money menus will be housed in their SIM. This procedure will also need users to perform a SIM swap during registration to the M-Teller mobile money service. Their old SIM will probably be replaced with another SIM containing the M-teller mobile money menu but still retaining the owner’s old number.
A different method is to install an M-Teller app on the user’s phone. This is done by the mobile money agent upon registration.
Note, your M-teller mobile money account is totally different from your normal mobile money account.
Possible application of M-Teller mobile money service
If launched properly, the M-Teller mobile money service will find lots of application in Nigeria. One of the first services expected to take off is the money transfer. In the country today, people still send mobile recharge pins as an exchange for money. People leave rural areas in search of opportunities in the city. They therefore will need to send back money back home to the people they left behind. It will be easier for them to send money to their loved ones through a mobile money service like M-Teller. Cash can be sent to anybody with a personal mobile number, whether or not they subscribed to the M-Teller mobile money service. Once notification is received through an SMS, they can visit any mobile money agent to cash the fund sent to their mobile phone.
Also popular application for M-Teller mobile money is the purchase of credit for mobile phones. Similar services are payment for utility bills, cable/satellite bills, payment for flight tickets, taxes, etc. Another application of the M-Teller mobile money service may include payment for goods and services online and in stores. The M-Teller mobile money service has also been seen as an alternative way of saving money, though there may not be any interest on depositors funds. But nevertheless, it can be seen as a safer way of saving money and carrying value around without having to carry along physical cash.
M-Teller mobile money service: The uniqueness
It has been noted that M-Teller is not the first service that uses mobile phone to perform basic financial transactions. Operational for over three years, M-Pesa is a mobile money service offered by Safaricom in Kenya. Flash Me Cash is a mobile money service offered by FinBank in Nigeria, though not that popular.
The difference between M-Teller and other mobile money services being that it will be network independent and bank independent. M-Teller will be open to all irrespective of their mobile network or bank, unlike Flash Me Cash that requires one to have a FinBank account and M-Pesa which is strictly open to Safaricom subscribers. All e-Tranzact need to do now is to bring all these groups onboard to ensure that the service is not restricted by some networks. Subscribers of M-Teller mobile money service with accounts in the bank may also have access to their accounts via their mobile phones.
What Mobile Tellers Do
Mobile Tellers are e-Tranzact agents for the M-Teller mobile money service. Whereas eTranzact provides the infrastructure and the technology, mobile tellers become the persons on ground meeting with users and also offering the services. According to eTranzact, here are the responsibilities to be carried out by agents:
- Cash In (Cash deposit)
- Cash Out (Cash withdrawals)
- Instant User/Account creation.
- Airline ticket payments.
- Funds transfer to any bank account, to any etranzact Mobile account and to non-account holders (any person with a mobile phone).
- Payment for cable TV bills (DSTV, HITV etc).
Commissions are earned by Mobile Tellers on these transactions.
This is all we have at the moment about M-Teller mobile money service. More information will be provided as we gather them.