• Mobile Money in Nigeria

    Mobile money transfer system

    Mobile Money

    The Nigerian government has defined the development of systems for money transfers using mobile phones as a top priority in the field of financial services for the Nigerian population. For this, operators of financial services were granted 16 licenses for the operation of mobile money. One of the main stipulated conditions was the use of basic mobile devices without access to the Internet, by using basic telecommunication technologies – SMS and USSD, which can operate on almost all mobile phones.

    • Client: NDA Closed
    • Technologies: Java 2 Enterprise Edition, SOAP
    • Website: NDA Closed

    Description

    The most difficult task in creating a system of money transfer via mobile phones is a need for the integration of mobile money transfer services with several mobile operators (there are four operators in Nigeria) and with numerous banks.

     

    The project was implemented by KIRIK Corporation together with a Nigerian partner. KIRIK platform was used to develop systems and services for money remittance open platform. The platform provides “Develop once, works on all mobile operators” principle for USSD services. For transaction processing, integration with mobile operators and banks, as well as the collection of statistics we used KIRIK Semantic Platform. Using the platform in the development of the system has allowed reducing labor costs for the development for more than 60%. At the moment the system is successfully exploited, showing a constant increase in the number of payment transactions.

    Comparing

      

    Time of Development

    1. With KSP - Less than 6-months
    2. Without KSP  -  Around 2-years

    Implementation Costs of Service Delivery and Service Rating Business-logic

    1. With KSP - 850 man-hours and $59,500
    2. Without KSP  -  Over 4,000 man-hours and $280,000

    Yearly Technical Support Costs

    1. With KSP - 500 man-hours and $35,000
    2. Without KSP  -  Over 5,000 man-hours and $300,000

    Secure Space (business rules execution in the ”sandbox”)

    1. With KSP - YES
    2. Without KSP  -  NO

    Business Logic is Set by Telecom Specialists

    1. With KSP - YES
    2. Without KSP  -  NO

    Comparing

    Mobile money transfer system with the integration of several mobile operators (there are four operators in Nigeria) and numerous banks has been created with the usage of KSP and this resulted in the following benefits:

    • Unified transport and charging interfaces to facilitate the joining process for every bank.
    • “Develop once, works on all mobile operators” approach for USSD services.
    • Labor cost reduction for the development by more than 60%.
    • KSP is currently in operation, demonstrating a steady increase in the number of payment transactions and new payment services.
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