Mobile money service Mypaga has just announced the introduction of card-less withdrawals from Automated Teller Machines (ATMs) for its customers. The new feature which was made public via a blog post a short while ago, allows customers to make withdrawals from their mypaga accounts or receive cash sent via the mypaga service via ATMs without the need for a card or even an account with any bank.
MyPaga customers who intend to withdraw just need to walk up to any First Bank (FBN) or Guaranty Trust Bank (GTB) ATMs nationwide, and use the 12-digit and 4-digit code received after a successful transaction to withdraw money. The service is only available on the two banks listed above.
With this new move, which follows MTN’s deal with Visa which allows MTN’s own mobile money to be accepted by VISA merchants worldwide, Mypaga further solidifies it’s own position in the Mobile Money space. It would be interesting to see how it all pans out a few years down the line. you will find my thoughts on Mobile Money in Nigeria here as it is currently here.