One of the firms that has received CBN approval to offer mobile money services in Nigeria is eTranzact. M-Teller Mobile Money was the old name for the new mobile money service now known as PocketMoni. Based on information recently released by eTranzact and the operation of mobile money services in other countries, particularly Kenya, we will share our ideas on the new mobile money e-wallet service and how it might work.

eTrazact has introduced a mobile money service called PocketMoni Mobile Money; you may learn more about it by clicking on the link.

M-Teller is a mobile money service meant to deliver secure, cost-effective, and convenient mobile money services for the banked, under-banked, and unbanked, according to eTranzact. It’s a service designed to make financial transactions more convenient. M-Teller Mobile Money accounts can be opened at any agent location (over 50,000), giving more people access.

Subscribers of the M-Teller mobile money service will be able to store money on their phone’s virtual e-wallet and use it to send/transfer money as well as pay for goods and services directly from their phone. Subscribers to the eTranzact M-Teller mobile money service can also deposit and withdraw funds at agent locations. The subscriber’s bank account or their M-Teller mobile wallet will be used to fund transactions.

The M-Teller service from eTranzact is all about convenience. Subscribers to the mobile money service can make transactions without having to go to a bank or carrying cash. They only need a phone and an M-Teller mobile money subscription to get started. Once users have money in their mobile wallet, they can use it to pay bills, pay for services, transfer money, and so on.

How will M-Teller mobile money service work?

This is how the M-Teller mobile money service will work, based on how mobile money services work in other countries and material released so far by eTranzact. Users can go to any of the approximately 50,000 mobile teller (agent) locations located around the country.

Subscription will almost certainly necessitate some documents, but not as much as opening a bank account. M-Teller mobile money service subscriptions may require a passport-sized photo, or mobile tellers may have digital cameras on hand to take the user’s photo on the spot. An ID will be required as well.

After completing the registration process, a user can begin using mobile money services. The user must first fund his or her mobile money account. To get their mobile money account funded, the user gives cash to an M-Teller agent. Regardless of where the account was opened, users can fund their mobile money account at any agent location.

Users may store money, send/transfer money, and pay for products and services directly from their cell phone once they have funded their e-wallet. Users can also withdraw cash from any mobile teller location, regardless of where the account was started. Cash withdrawals may be subject to a fee. For the parties involved, each transaction will be confirmed through SMS. Users’ accounts will also be protected by a secret PIN.

For the time being, it is unclear how M-Teller will handle mobile money transactions. However, based on how mobile money services work in other countries, SMS and USSD commands are likely to be used. Mobile money subscribers will transmit commands to a specific number via SMS in the case of SMS. Each transaction, such as a money transfer, will have its own command. USSD is similar, except the command is dialed in the same way you would while recharging your phone.

For added convenience, the M-Teller mobile money menu can be linked into the user’s SIM card. This is likewise based on SMS/USSD, however rather than users providing SMS/USSD commands, the commands are incorporated into menus. Like a result, the user just navigates the mobile money menu as they would any other phone menu.

The phone will automatically produce and send the mobile money SMS/USSD command required to commence the transaction when a user picks the menu item for a specific transaction and fills in the appropriate field. This method has the advantage of removing the need for users to memorize commands, making it more user-friendly.

For this strategy to work, network operators must support eTranzact by allowing M-Teller mobile money menus to be stored on their SIM cards. Subscribers will also need to complete a SIM switch when signing up for the M-Teller mobile money service using this technique. Their old SIM card will most likely be replaced with one that includes the M-Teller mobile money menu, but the user’s existing phone number will remain.

Another option is for the mobile money agent to install an M-Teller Java program on the user’s phone after registration.

It’s important to note that your M-Teller mobile money account is distinct from your regular mobile phone account.