Eyowo, a Nigerian mobile payment solutions has come to revolutionize the mobile banking services, with the capability for users to send or receive payments and pay bills with just their mobile phone, all transactions possible with or without a bank account.
While digital money is still in its early days, especially in this part of the world, where over 90 million Nigerians are unbanked, with a substantial part of the population having no bank accounts to save money, and most of the population still rural-dwellers with little to no-income sources.
Eyowo is targeted at this demography and brides itself as the banker of the unbanked, the digital gateway enable those using a mobile phone to enjoy all banking services, requiring only a registered phone number; Eyowo transactions can be done either via the mobile app or the USSD code *4255#, allowing you to pay utility bills, make/receive payments, among others.
As such, anyone with a registered phone number has automatic Eyowo account that can both make and receive payments, either done on the mobile app or through the USSD code *4255#, supported in almost all the available Nigerian network providers.
Albeit, Eyowo is not only for the unbanked, as there is the option of involving banks in transactions for those with active bank accounts, and transactions can be initiated from an Eyowo wallet to any bank account through USSD or the mobile app, even cashless withdrawals are possible via designated ATMs.
The Eyowo platform, however may not address actual financial exclusion, but it is critical in the effort to reach the otherwise unbankable populace, and Eyowo is expected to expand into more innovative financial services; with focus on making things a lot more easier for the unbanked Nigerians, and perhaps Africa at large.