Connect with us

Technology

MOVii Customer Base Crosses 1.5 million

Published

on

MOVii

By Aduragbemi Omiyale

The number of customers on the digital wallet platform of Colombian-based digital payments company, MOVii, has crossed 1.5 million.

MOVii is powered by Comviva’s mobiquity platform, which enables over 70 digital financial services in more than 50 countries.

The firm is ranked fifth amongst all financial institutions in Colombia in terms of transaction volume and has reached this milestone faster than any other financial institution in the country.

It is the country’s first 100 per cent digital money platform, where everything from customer registration to payments happens using the mobile application.

Its vision is to revolutionise financial inclusion by making it easier for everyone to pay and use their money digitally without paperwork.

MOVii’s digital wallet platform has been used extensively during the COVID pandemic by all sections of the society with its customer base and transactions increasing exponentially.

The digital wallet platform has enabled people to pay essential utility bills and invoices, shop online and transfer money to family and friends in need during the lockdown from the safety of their home.

More than 240,000 economically vulnerable people have received solidarity income from the Government of Colombia via MOVii, helping them to sustain themselves during the pandemic.

“MOVii and Comviva share the vision of leveraging digital technology to provide financial services to everyone without any discrimination.

“We are passionate about democratizing financial services and financially including even the economically vulnerable section.

“This vision and passion have resulted in MOVii achieving more than 1.5 million mobile wallet users.

“We will further accelerate this growth by delivering new digital financial services that are relevant and contextual for the people of Colombia,” the co-founder and CEO of MOVii, Hernando Rubio, said.

The CEO of Comviva, Manoranjan (Mao) Mohapatra, stated that, “We congratulate our partner MOVii for crossing the 1.5 million customer milestone.

“MOVii has democratized the financial access in Colombia as well as created a path for growth of a digital economy.

“The rapid growth in the use of MOVii during the pandemic, from solidarity income disbursement to remote payments from home during the lockdown, stresses the importance of digital financial services in today’s time as well as in future.

“We will continue to support MOVii in launching new innovative customer-centric use cases and delivering enhanced user experience.”

MOVii allows consumers to transfer money, get loans, receive financial aid, pay bills, make merchant payments, recharge mobile connections, and buy digital content, instantly, easily, and securely, anywhere, anytime using a mobile phone.

It has been continuously investing in innovation and launching new products focused on user needs. It is working on the launch of five new products: PSE payments, interbank transfers, international remittance, insurance and buy and sell crypto assets that shall drive its future growth. Forbes has adjudged MOVii amongst the 30 most promising Colombian businesses.

Comviva mobiquity Pay is one of the world’s largest digital financial services platforms. It serves the financial needs of over 130 million consumers and processes over 7 billion transactions valuing $130 billion annually.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Click to comment

Leave a Reply

Technology

Telco Subscribers Threaten to Sue Over 50% Tariff Hike

Published

on

telco subscribers Nigeria

By Adedapo Adesanya

An association representing the interest of telecommunication subscribers in Nigeria has rejected the 50 per cent tariff increase announced by the Nigerian Communications Commission (NCC) and has threatened legal action.

On Monday, the NCC approved a 50 per cent tariff increase for telecom operators in the country, the first since 2013.

The 50 per cent call was lower than the 100 per cent recommended by the other stakeholders, including the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Association of Telecommunications Companies of Nigeria (ATCON), which has members like MTN and Airtel.

Now in response, the National Association of Telecoms Subscribers (NATCOMS) has faulted the move, saying the 50 per cent was too high and called for another review.

The association’s president, Mr Deolu Ogunbanjo, said on Channels Television’s Lunchtime Politics, monitored by Business Post on Tuesday, that the body would approach the courts if there’s no reversal.

He noted that Nigerians are already bearing the brunt of a cost of living crisis, adding that the 50 per cent hike which was supposed to reprieve from the initial 100 per cent recommendation, was still not acceptable.

“It is not it at all. It is so much for subscribers to bear. Already, we are grappling with a lot of things that are surrounding the business climate here… fuel cost, electricity cost, and all that… you are now looking at telcos asking for 100 per cent and NCC now is granting them 50 per cent It is a no-no,” he said.

“We are definitely not going to accept this,” he declared.

The NCC, announcing the hike on Monday, said the increase was pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators.

“…Over 100 per cent requested by some network operators was arrived at taking into account ongoing industry reforms that will positively influence sustainability.

“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024,” the announcement statement noted.

Continue Reading

Technology

NCC Approves 50% Hike in Call, SMS, Data Tariffs

Published

on

NCC

By Adedapo Adesanya

The Nigerian Communications Commission (NCC) on Monday approved a 50 per cent tariff increase on calls, SMS, and internet data for telecoms companies in the company.

This comes after telcos suggested a 100 per cent hike in the tariffs, the first of such changes in over 10 years.

Despite the recommendation, the NCC was concerned about the impact this would have on Nigerians, who are battling a cost of living crisis.

The NCC rationalised the 50 per cent hike, saying it wanted to strike a balance between protecting consumers and ensuring the industry’s sustainability.

“The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability,” a statement from the NCC read on Monday night.

Recall that the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has said the federal government may consider between 30 and 60 per cent hike in tariffs.

“I think it should not be more than anywhere between 30 and 60 per cent,” he said during an interview recently.

On his part, the Chief Executive Officer of MTN Nigeria, Mr Karl Toriola, said telcos are proposing a 100 per cent increase in tariffs to the Nigerian government.

He, however, pointed out that it won’t get such approval but said a substantial change, beneficial to all stakeholders, could be agreed upon.

It is not certain what the reaction of the telcos may be concerning this new development. If they disagree with the approval, it may lead to another round or dialogue or limitation of service offerings.

Continue Reading

Technology

Nigerians Hail Acceptance of Naira for AWS Cloud Subscription

Published

on

Amazon Web Services

By Modupe Gbadeyanka

The acceptance of the Naira for payments for cloud services in Nigeria by global cloud leader, Amazon Web Services (AWS) has continued to excite its customers in the country.

Before now, Nigerians subscribing to the company’s cloud services were forced to purchase foreign currencies, particularly the United States Dollar (USD).

But to make transactions easier for its teeming clients in the country, AWS announced it was now accepting payments in local currency.

“With payments in their local currencies, customers can avoid foreign exchange costs associated with making foreign currency payments.

“This also removes payment friction for customers in countries where local regulations put limits on the foreign currency amount a customer can access,” the American firm said in a statement.

By lowering the barrier for Nigerian companies to pay for cloud services in their local currency, AWS has given itself an edge, but the growing local alternatives may still present a challenge.

The organisation said it is not just about price anymore—it’s about local relevance and helping businesses navigate the complexities of Nigeria’s economic environment.

The decision of AWS to accept naira payments comes in response to the growing appeal of local cloud providers in Nigeria.

Recall that in January 2023, the firm launched its AWS Local Zones facility in Lagos to reduce latency and improve performance for Nigerian businesses—often an important factor since many Nigerian companies host their services in AWS’s European region due to geographical proximity.

By offering a new payment option alongside this infrastructure, AWS can solidify its foothold in the Nigerian market, especially as local providers continue to present an attractive, economically aligned alternative.

“This is a welcomed development. We have been waiting for this to happen for a long time. I am glad it has finally become a reality. I don’t need to buy forex (foreign exchange) to pay for Amazon cloud services,” a tech enthusiast based in Lagos, Mr Kolade Adewale, told Business Post.

“I want to believe that the competition from Microsoft’s Azure may have forced AWS to include the Naira as a payment option. This is what competition does to the market. You can see such in the telecommunications and petroleum sectors with Dangote Refinery,” another tech enthusiast, Mr Goke Fashina, said.

Continue Reading

Trending