Visa Inc. recently launched a mobile pre-paid service in Nigeria and Uganda
“Reaching consumers who have previously lacked access to formal financial services with secure and reliable electronic payments is finally a reality,” said Jim McCarthy, head of product for Visa Inc., in the announcement.
The new product, a prepaid account that consumers can access through a mobile phone, is meant to offer consumers in developing economies, where cellphones are far more prevalent than bank accounts, a secure and reliable electronic payment account, Visa said.
“Mobile technology has become the single most important driver of financial inclusion that is enabling financial institutions, mobile network operators and Visa to connect unbanked consumers to each other and the global economy,” McCarthy said.
The new product will first be offered to customers in Nigeria and Uganda through Visa partner MTM Group, a wireless provider in Africa and the Middle East.