What is M-PESA

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					What is M-NAIRA?
M-NAIRA is an innovative mobile money, Revenue Management and payments solution
which converts any mobile phone to a micro bank for the un-banked. The new mobile
savings and payment system is based on scratch cards and enabled by any SMS enabled
mobile phone. Customers can open bank accounts on the streets, remotely save money
into their accounts, perform their daily contributions, top up their phones, pay utility bills,
buy insurance, Buy M-NAIRA e-money, Sell M-NAIRA e-money, Deposit money into
their M-NAIRA account, send money to friends and relatives, withdraw cash at agent
locations (Human Teller Machines) (HTM™) or via ATM, get access to Loan, credit and
make investments using any mobile phone, via scratch cards on any network to any bank
account and at anytime, anywhere. Fast, safe, and Easy to use. Available to anyone, no
need for a bank account, no joining fee, no monthly charges, no minimum balance, No
hidden charges, No phone software required, Can be used on any phone (GSM &
CDMA, Asynchronous delivery of information, Free One-Time SMS-Based Registration,
Guaranteed and Instant delivery Real-time tracking, Familiar, easy to understand,
intuitive, No need for panic. If a customer loses their mobile phone, the transaction can
be cancelled and reissued quickly and securely. Save time and costs. All SMS transaction
is delivered to a mobile phone. Instantly, saving on distribution and operational costs for
the customer, agent and the bank and saving time for the consumer. Free SMS from and
to M-NAIRA short code. M-NAIRA is a tool for financial inclusion and mobile payments
ecosystem for the creation of wealth from the bottom of the pyramid then becomes a
reality. A proven, world-leading mobile money solution to the rapidly emerging demand
for reliable SMS transmission of financial transactions to and fro mobile phones for the
un-banked. This technology will be a driver to the next phase of development of mobile-
related business. M-NAIRA allows you to make transactions simply and securely in a
few seconds by using SMS technology. This has many benefits to customers in terms of
convenience, availability, security and ease of use. M-NAIRA tariff is competitive
compared with other formal savings and payment services.

M-NAIRA objective is to enable the un-banked to perform basic banking transactions, in
a convenient, reliable, fast, safe and secure manner without visiting the banking hall in
line with the Central Bank of Nigeria‟s Payment Systems Vision 2020, using tested
technology from E-soft Solutions Ltd, a globally recognized world‟s leader mobile
money Technology providers, together with a full suite of solutions for online and offline
Business. With M-NAIRA the un-banked can create, protect or preserve wealth. The
system will help daily wage earners, Small traders, farmers, Okada rider and the Danfo
Conductor to inculcate saving habits and also as way of funding their bigger capital
requirements like wedding, buying of houses etc. M-NAIRA is an ecosystem that allows
all citizens to participate in the growth and development trajectory of the economy. M-
NAIRA Mobile Money is a convenient, secure, fast and affordable way to store, deposit,
transfer and withdraw money and to make payments via the mobile phone. M-NAIRA
Mobile Money represents a new and alternative opportunity, enabling users to store
money in a safe and secure account, to deposit and withdraw funds and to transfer money
to others. The mobile channel provides security, reliability, increased convenience and
accessibility given the widespread presence of the operators.

The advantages for users are as follows:

•     Security: Store cash in a safe, secure and accessible digital account and transfer
money via the mobile channel

•      Affordability: Utilize the lower transaction costs of the mobile service provider to
reduce the costs of money transfer services

•     Accessibility: Leverage the extensive footprint of the mobile service provider (if
compared to the banks) for depositing and withdrawing funds

•       Socio-Economic: Improve quality of life as the un-banked become banked and
gain their access to a range of banking and financial services

•      Convenience: Transfer money any time (24x7), directly from a mobile phone,
without completing extensive paperwork each time

•       Reliability: Benefit from the status of mobile operators as large, trusted and
regulated organizations for service assurance

•      Speed: Increase the speed of money transfers given the “real-time” nature of
mobile services versus the alternatives

Is Nigeria the first country to use M-NAIRA?
Nigeria is the 1st country in the world to launch M-NAIRA, which was done as a
partnership between National E-Government Strategy, Microfinance bank and Operators.
Based upon our success in Nigeria, M-NAIRA is being considered for a number of
countries across the globe.

Do I need to have a bank account?

No. M-NAIRA has been designed so that people without bank accounts can use it. Your
money is held safely in a bank account run by M-NAIRA on your behalf. You do not
have any contact with the bank and the bank does not have your details.
Is M-NAIRA banking service?
M-NAIRA is a mobile Money and Revenue Management solution and not a mobile
banking service. There are many examples of mobile banking across both the developed
& developing world, most of which provide access to perform transactions on an existing
standard bank account through mobile phone technology. M-NAIRA was designed
specifically for people who do not have access to conventional banking. It is different in
that the customer does not need a bank account, only a mobile phone in order to perform
transactions. M-NAIRA provides "mobile money transfers" between cellphone users
rather than banking services.

What is the main difference between M-NAIRA and a banking service?
The main difference is that M-NAIRA is not gaining, nor passing on to customers, any
interest earned on the money held in the accounts. We only facilitate money movement,
and M-NAIRA is not a deposit-taking institution. In future we plan to offer M-NAIRA to
facilitate money movement between banks & MFIs and their customers in a convenient,
cost effective manner. This will give conventional financial institutions the opportunity to
extend their reach & provide a better service to many more Nigerians than they currently
reach.

How can money be sent to people who are not registered customers or who are not
even on any network?
M-NAIRA is driven by a secure application on the Platform. Registered customers have a
access on their phone giving them the ability to move money to other phone number
based accounts. Money sent to another registered user will be added to their account
balance. If money is sent to a non-registered user, including those on another network,
M-NAIRA sends them a one-time voucher that they will take to an Agent shop. The
agent enters this voucher code & the customer's phone number into the M-NAIRA menu
on the shop phone & sends it to M-NAIRA. The M-NAIRA system then moves the
amount represented by the voucher into the Agents M-NAIRA account and confirms to
both the agent & the customer that the equivalent amount of cash should be given to the
customer.

What safe-guards are in place in case of unclaimed funds?
For registered users, the money remains in their account as long as their M-NAIRA
Account is active on the network. As no interest is paid on this money, it is not in the
customers interests to leave money in their account for an extended period. If their M-
NAIRA subscription expires, we will contact them to request that they withdraw their
money. For unregistered users, if they do not cash their M-NAIRA funds in seven days,
the money is automatically returned to the senders account.

M-NAIRA is touted as a 'World First', is this true?
M-NAIRA allows customers to send money using their mobile phone without requiring a
bank account. Beyond simple money transfer a customer is allocated a stored value
account into which e-value is deposited & from where they can send money at their
convenience. Additionally a customer does not need to be a subscriber on the provider‟s
network to receive cash. The combination of these attributes is what makes M-NAIRA a
world first.




Customer Specific FAQs
How do customers register for M-NAIRA?

How to Register as an M-NAIRA User? (User KYC)
To register as a user with m-naira text the following to short or long code

       reg <Name of the user> <Address of the user>
For example, if Mr Enoh wants to register with m-naira, he texts

       reg Enoh 23 Saka Tinubu Street VI lagos
Enoh receives a 4 digit m-naira pin.

How to Register a bank account with M-NAIRA?
If a user wants to register his bank account with m-naira, text the following to short or
long code.

       regbank <mnaira id> <bank code> <bank account no>

For example, if Enoh wants to register his bank account with M-NAIRA, he texts

       regbank 1234 ici 45678

The user has to provide the photocopies of the address and identity proof documents to
the nearest m-naira agent location to activate the m-naira account.


Paying a Bill using M-NAIRA
MNAIRA user can pay bills using M-NAIRA. The user has to register with a biller in
order to pay bill using M-NAIRA.
To register with a biller the user has to text the following to short or long code.

       regbill <mnaira id> <consumer no> <biller name>

For example, if ENOH wants to register with a biller Hi TV, he texts

       regbill 1234 12345 hitv

To pay bill to a biller, the user has to text the following to short or long code.

       pay <mnaira id> <16 digit cash card pin> <billername>

For example, if ENOH wants to pay hitv bill, he texts

       pay 1234 1234567891234567 hitv



Depositing money in to a Bank Account using M-NAIRA
To deposit money in his bank account, the user has to text the following to short or long
code.

       load <mnaira id> < 16 digit cash card pin> <bank code> < bank account no>

For example, If ENOH wants to deposit money into his bank account, he buys a cash card
for the required denomination and he texts

       load 1234 1234567891234567 ici 12345


Sending money to a mobile number using M-NAIRA
To send money to a mobile number from his m-naira account, the user has to text the
following to short or long code.

       transfer < mnaira id> <recipient mobile no> <amount to be transferred>

For example, if ENOH wants to transfer money to his friend Bob, he texts

       transfer 1234 08068134762 1000

To send money to a mobile number using a m-naira cash card, the user has to text the
following to short or long code.
       dep <mnaira id> < 16 digit cash card pin> < receiver mobile no>

For example, if ENOH wants to send money to his friend Bob using a cash card, he texts

       dep 1234 1234567891234567 08068134762


Transferring money to a bank account using M-NAIRA
To transfer money to a bank account from m-naira account, the user has to text the
following to short or long code.
btransfer < mnaira id> <receivers bank code> < receivers bank account no>
<amount to be transferred>

For example, if ENOH wants to transfer money to his friend Bob‟s bank account, he texts

       btransfer 1234 sbi 78945 2500


Withdraw Money (Cashout) using M-NAIRA at Agent
  Location
To cashout money from a agent, the user has to confirm whether the agent has sufficient
funds and then the user has to text the following to short or long code.

cashout <mnaira id> <agent mobile no> <customer mobile no> <cashout amount>

For example, if ENOH wants to withdraw money from his m-naira account through a
mnaira agent (HTM), he texts

       cashout 1234 9456912345 08068134762 500

Withdraw (Cashout) using M-NAIRA at ATM Location

The M-NAIRA discreetly bundled with partner microfinance bank-issued ATM.
Consumers are only setup as customers in the M-NAIRA Database. The partner
microfinance bank also provides the linked bank accounts which upon activation are tied
to the M-NAIRA system. Furthermore, all account and PIN management including the
according customer service functions will also be carried out by the partner microfinance
bank.

ATM withdrawal service is only available to M-NAIRA registered customers and is
currently available at Interswitch and eTranzact ATM‟s

To withdraw cash you will need to follow these instructions:
First on your phone SMS the below instruction to M-NAIRA short code:

        ATMCashout <mnaira id> <customer mobile no> <cashout amount>

For example, if ENOH wants to withdraw money from his m-naira account through a
mnaira ATM, he texts

         ATMcashout 1234 08068134762 500

        He will receive an SMS notification from M-NAIRA with a 6-digit authorization
         code. (The code expires after 2 hours and you will be expected to initiate the
         transaction afresh if you need to withdraw money again.)

Then on the ATM:

        Select the M-NAIRA button on the ATM
        Select your preferred language
        Enter the 6-digit ATM Authorisation Code on the ATM keyboard.
        Enter your M-NAIRA 4 digit number.
        Enter your mobile number.
        Enter the amount you have requested to withdraw, press CONTINUE to proceed
         with transaction.
        ATM will dispense your cash and issue you with a receipt. You will also receive
         an SMS from M-NAIRA confirming the transaction.

 Balance ENQUIRY USING M-NAIRA
To check your balance from your m-naira account, the user has to text the following to
short or long code.

mybal < m-naira id> <bankcode> <bankaccountno> to short code

For example, if ENOH wants to check his current balance from his m-naira account
through a m-naira he texts
       Mybal 1234 3933334 3334134762

Mini statement showing last 5 TRANSACTIONS USING M-
NAIRA
To check your Mini statement for the last 5 transaction from your m-naira account, the
user has to text the following to short or long code.
mytxn < m-naira id> <bankcode> <bankaccountno> to short code
For example, if ENOH wants to check his mini statement from his m-naira account
through a m-naira he texts
       mytxn 1234 3933334 3334134762

Note: The bank account is restricted to 5 digit length and the biller account no is restricted to 4 digits
Using M-NAIRA to check students examination Result
To check your exams result using m-naira, user has to text the following to short or long
code.
result <matricNo><semester> to short code
For example, if ENOH wants to check his first semester result using m-naira, he texts

result NAS0100076 2 200/2010

Output: MatricNo: NAS0100061 AGAMA KAREEM 200 level 2nd Semester
2009/2010. GPA: 3.89, CGPA: 3.67, CMP202: A, GST203: B, MHT202: C, BIO204:E.
Remarks: passed;

Note: For Long SMS which exceed 160 characters our solution make use of concatenation feature in our HTTP API to
deliver to users


Why do I need an ID to register or transact at an agent outlet?

As a regulatory requirement by the Central Bank of Nigeria, you are required to present
your original ID document to the M-NAIRA agent to register, withdraw. Acceptable ID
documents include: National ID, Valid Passport.

What happens if someone registers my number for M-NAIRA by mistake?

If for any reason your M-NAIRA account is erroneously registered under somebody else,
you will need to call M-NAIRA Customer Support on line 2348068134762 to request for
your details to be changed. You will be taken through a vetting process for verification
purposes.

What is the difference between a registered M-NAIRA customer and an
unregistered customer?

An M-NAIRA customer‟s mobile number has the full M-NAIRA access and is able to
carry out all the services described above. An unregistered customer is one that receives
money from an M-NAIRA customer and does not have to be a M-NAIRA subscriber. An
unregistered customer can only get the cash sent to him/her but cannot carry out other M-
NAIRA transactions.

What services are available?

1. Easy Account Opening on the street (via SMS on any mobile phone) One-Time SMS-
Based Registration

2. Remote Savings (Daily contribution or ISUSU, Ajo or Adashe or Deposit money to
your m-Naira account

3. Stored Value Accounts
4. Pay Bills

5. Transfer (send) money to any other mobile phone user or friends and relatives even if
they are not a M-NAIRA subscriber

6. Withdraw money from any M-NAIRA agent outlet Human Teller Machines (HTM) or
participating ATM network

7. Top-ups of airtime – for self or other Mobile Phone subscribers on any Network

8. Buy M-NAIRA e-money

9. Sell m-Naira e-money and gets access to Loan using any mobile phone, via scratch
cards on any network, to any bank account, and at anytime, Anywhere, Fast, Safe, and
Easy to use and Available to anyone, no need for a bank account, no joining fee, no
monthly charges, no minimum balance and Can be used on any phone (GSM & CDMA),
No phone software required, Asynchronous delivery of information.

10. Manage your M-NAIRA account (i.e. check balance, call customer care, change M-
NAIRA PIN, change secret word, change language and update services).

*It is important to confirm if the company one intends to pay a bill accepts payments via
M-NAIRA before transferring cash. They should give you their ‘special company code’
or business number which you will enter into your M-NAIRA Payment command when
making the payment. They should advise if there are any applicable charges.

How does M-NAIRA work?

To load money into your M-NAIRA account you need to go to an M-NAIRA Agent and
make a cash deposit which results in electronic money being transferred into your M-
NAIRA account by buying the M-NAIRA Scratch Card (This is confirmed by an SMS
received by both the Agent and the Customer).You can then conveniently perform any of
the services to other mobile phone users by SMS transaction.

To withdraw cash from your M-NAIRA account or (for unregistered customers to get
cash), you need to make an SMS transfer to the person and he/she will go to the agent
who will exchange this for cash.

Do I need to pay any service charges for having an M-NAIRA account?

No. M-NAIRA charges you on a pay-as-you-go basis every time you do a transaction –
refer to Tariff for details. You're only charged for the transactions you have initiated.

I already have a bank account. Can I access it using M-NAIRA?
No. M-NAIRA is completely separate to any other account you may have. Except for
VIP Users only and the Bank must be linked to M-NAIRA Platform

Does M-NAIRA work across networks?

Yes. Any mobile phone user irrespective of the Network either CDMA or GSM can
register for M-NAIRA. However the person you are sending money to does not need to
have an M-NAIRA account. However, the M-NAIRA service is cheaper if you send
money to a registered M-NAIRA customer.

Can I top up any Network Airtime Card?

M-NAIRA Advantage customers will be able to top up for self or for other any Network
Airtime any time via SMS instructions.

Can I buy airtime through M-NAIRA if I’m out of the country?

Yes. As long as there is M-NAIRA value in your account and you have Roaming on your
line.

Can I use any Network Operator airtime to top up my M-NAIRA account?

Your M-NAIRA account is completely separate from your Network operator airtime.
You cannot buy M-NAIRA value using airtime. However you can use your M-NAIRA
value to buy airtime for your own or another Network operator‟s subscriber's phone.

How do I get ACCESS M-NAIRA PIN, if I forget and have no funds?

If a customer needs a new ACCESS M-NAIRA PIN, he will need to register his Mobile
number on M-NAIRA Platform. To register as a user with m-naira text the following to
short or long code

       reg <Name of the user> <Address of the user>
For example, if Mr Enoh wants to register with m-naira, he texts

       reg Enoh 23 Saka Tinubu Street VI lagos
Enoh receives a 4 digit m-naira pin.

What is an ACCESS M-NAIRA PIN?

It‟s a 4-digit code received from M-NAIRA upon registration. The code is used to
activate your M-NAIRA account. The system will automatically prompt you to change
your start key to a 4-digit code that will from then on be used as your M-NAIRA PIN.

When will my ACCESS M-NAIRA PIN expire?
ACCESS M-NAIRA PIN does not expire and you can change it at will.

What happens if I do not get an SMS from M-NAIRA confirming the transaction?
On occasion there is a delay in receiving your SMS from M-NAIRA for more than 20
minutes, call the customer service line 2348068134762 who will advise on the status of
your transaction on the M-NAIRA system.




What happens if my network operator is down?

As M-NAIRA relies on SMS messages, if your network operator SMS service is down,
M-NAIRA will not function.

What happens when I lose my Mobile Phone?

Call line 2348068134762 to have your account suspended. Proceed to your network
operator and gets a welcome back to retain your number and activate your M-NAIRA
account as normal using your previous M-NAIRA PIN you will receive SMS once more
to continue enjoying the service. Note that you will need to call customer services to
release your account to enable you activate it properly.

How do I reactivate my M-NAIRA account after a Welcome Back?

      Call line 2348068134762 to have your account reactivated. You will receive an
       SMS welcome message indicating your current M-NAIRA balance.
      To reactivate the M-NAIRA service after a SIM replacement you will require
       your current M-NAIRA PIN number and Your ID number (the one that you used
       to register for M-NAIRA)

What is the importance of the M-NAIRA SECRET word?

M-NAIRA users are required to present their „secret word‟ to identify themselves when
calling the M-NAIRA Customer Service (line 2348068134762). This word is sent to you
by the M-NAIRA system when you activate your account. Do not share your secret word
with anyone other than M-NAIRA Customer Support Staff. You can change your secret
word to a word that is more memorable to you, by choosing „Secret Word‟ at any time –
this is currently free.

How many times can I change my secret word?

We currently have no limit to the number of times you can change your secret word.

What is the importance of my M-NAIRA PIN?
You require your M-NAIRA PIN to send and withdraw money from your account, using
the M-NAIRA platform. You must keep your PIN secret and should therefore choose a
combination that is easy for you to remember, but difficult for others to guess. Do not
share your M-NAIRA PIN with anyone, not even M-NAIRA Support staff. You can
change your PIN at anytime from on your phone at a fee of NGN10




What do I do if I forget my M-NAIRA PIN?

   1. Call line 2348068134762 (you will be asked for your secret word), or go to a any
      M-NAIRA Retail Shop with your ID and request for a new one-time PIN
   2. This will be sent to your mobile phone via SMS and will cost you NGN10.
   3. Once you receive your M-NAIRA PIN, follow the following instructions to reset
      your M-NAIRA PIN: CHANGEPIN<OLDPIN><NEWPIN>
   4. You will receive an SMS from M-NAIRA confirming that your PIN has been
      changed.

What do I do in case I send money to the wrong number?

Wrong transfers are reversible on the M-NAIRA system, upon rigorous vetting of the
sender and recipient and if the money has not yet been cashed or withdrawn. If you make
an incorrect transaction:

   1. Call or send an SMS to Line 2348068134762 immediately and provide them with
      the number that has erroneously received the cash.
   2. For SMS, preferably write in the format Reversal <M-NAIRA-ID>< Sender’s
      No.>< Amount>
   3. Funds sent to a wrong number will be reversed only if still available in the wrong
      recipients account.
   4. If successful, you will receive an SMS indicating that a reversal has been done.

Will my transactions be limited to the Agency store where I registered?

No. You will be able to carry out transactions at any M-NAIRA agency store and not
limited to where you registered.

How safe is my money?

If registered your money is safe since every transaction requires identification in form of
a secret PIN. This is enhanced by use of Secret word for any call to customer care.

Why am I not receiving SMS confirmation for the transactions I have done?
This could be as a result of the following:

      Your inbox is full, so delete some messages
      You have diverted messages to screened messages, check the Screened Messages
       Inbox. If the messages are there, remove M-NAIRA from the Screened numbers
       list.
      If none of the above works, contact M-NAIRA Customer Care on
       2348068134762 for more assistance.



Is M-NAIRA available outside Nigeria?

No. Currently the service is limited to Nigeria.

What are the benefits of M-NAIRA?

 M-NAIRA allows you to make transactions simply and securely in a few seconds by
using SMS technology. This has many benefits to customers in terms of convenience,
security and ease of use. The pricing is competitive compared with other formal money
transfer services. You can now also pay for your bills to selected service providers that
have partnered with M-NAIRA to enable their customers pay for services through M-
NAIRA.

M-NAIRA / ATM FAQS

How does M-NAIRA work with the ATM?

Firstly, you need to be an M-NAIRA registered customer and then follow the steps
below:-

The M-NAIRA discreetly bundled with partner microfinance bank-issued ATM.
Consumers are only setup as customers in the M-NAIRA Database. The partner
microfinance bank also provides the linked bank accounts which upon activation are tied
to the M-NAIRA system. Furthermore, all account and PIN management including the
according customer service functions will also be carried out by the partner microfinance
bank.

ATM withdrawal service is only available to M-NAIRA registered customers and is
currently available at Interswitch and eTranzact ATM‟s

To withdraw cash you will need to follow these instructions:

First on your phone SMS the below instruction to M-NAIRA short code:

      ATMCashout <mnaira id> <customer mobile no> <cashout amount>
For example, if ENOH wants to withdraw money from his m-naira account through a
mnaira ATM, he texts

       ATMcashout 1234 08068134762 500

      He will receive an SMS notification from M-NAIRA with a 6-digit authorization
       code. (The code expires after 2 hours and you will be expected to initiate the
       transaction afresh if you need to withdraw money again.)

Then on the ATM:

      Select the M-NAIRA button on the ATM
      Select your preferred language
      Enter the 6-digit ATM Authorisation Code on the ATM keyboard.
      Enter your M-NAIRA 4 digit number.
      Enter your mobile number.
      Enter the amount you have requested to withdraw, press CONTINUE to proceed
       with transaction.
      ATM will dispense your cash and issue you with a receipt. You will also receive
       an SMS from M-NAIRA confirming the transaction.

Information is available at all ATMs

How much can I withdraw in a Single Transaction from an Agent outlet or ATM?

The minimum withdrawal amount per Agent Outlet or ATM Transaction is NGN100 and
the maximum is NGN5, 000. You are allowed to make multiple cash withdrawals from
the Agent or ATM. Note: existing M-NAIRA rules apply and the maximum transaction
amount per day is NGN30, 000; ATM withdrawals count towards this.

What should I do if the ATM does not give me cash as requested but debits my M-
NAIRA account? If your transaction is unsuccessful and cash is not dispensed but your
M-NAIRA account is debited, call M-NAIRA ATM Support Care on 2347096003310 or
send an e-mail to mnairaATM@esoftng.net .

Do I need to have an ATM card to withdraw money from my M-NAIRA account?
All you need is your M-NAIRA account and Mobile phone. You need to be an M-
NAIRA registered customer to use this service.

Where are the ATMs?

They are 50,000 ATMs in 200 towns countrywide including state capitals and LGA. The
list is available at the E-SOFT Website www.esoftng.net
What is the advantage of using ATM to withdraw money from your M-NAIRA?
ATM allows you to access your money any time of day or night in secure environments
at your convenience.

What are the charges for M-NAIRA Transactions?

M-NAIRA agents

M-NAIRA Agents Education users on how to use M-NAIRA, help Process cash in and
cash out for M-NAIRA users and Non-users (a „float‟ of both is required), Provide
Customer Education, Compliance with E-Soft AML & KYC Policy , Compliance with E-
Soft business Practices, Policy, Procedures and Commissions structure per transaction

Branding of outlets as per standard provided E-Soft , Ensure Float availability to M-
NAIRA service booths, Provide customer Support center to M-NAIRA users and process
cash deposits and withdrawals on their behalf. There are over 500, 000 M-NAIRA
countrywide, with new outlets being added daily. For a current list of Agents please go to
www.esoftng.net .

Who are these M-NAIRA agents?
There are a wide range of agents nationwide where cash can be deposited or withdrawn,
and the number is growing all the time. Many are Airtime Dealer stores, but there are also
petrol stations, supermarkets, courier companies, cyber cafes, retail outlets and even
Microfinance banks where customers can go to perform cash in /cash out transactions.

How do agents make money?
The Agents act as cash in / cash out points, rather like a human ATM. They then buy &
sell this e-money and for each transaction they do they earn a commission.

What is needed to become an M-NAIRA agent?
Any business wishing to become an agent needs to meet some basic minimum
requirements and sign an M-NAIRA agent contract; details are available on application at
www.esoftng.net they also need to have an e-money float and a cash float. Agents
purchase an e-money float from M-NAIRA by depositing cash into the "real" bank
account.

All agents have an existing business e.g. selling groceries, airtime, fuel etc. They
therefore already deal in cash. We do not expect shops to have to increase the amount of
cash they hold - they already have processes and security to cover their cash & stock
requirement.

				
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posted:4/29/2011
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