ReadyCash is a secure mobile payment service designed to comply with
the CBN’s (Central Bank of Nigeria) regulatory framework on mobile payment services
in Nigeria under the NON-BANK LED model.
It enables end users (especially the un-banked) with GSM phones to operate virtual
accounts (wallets) by leveraging on a large network of agents (the Bank and individuals)
for enrolments, cash deposit and withdrawals. In addition, end-users are able to
make requests such as account enquiries, bill payments, funds transfer, purchases
for goods and services, via their mobile phones.
The ReadyCash System is pre-paid based. That is, value must exist
in wallets prior to execution of transactions. Agents, the primary actors of the
solution, will need to fund their ReadyCash accounts prior to rendering services.
End users are also required to fund their wallets at Agent locations before transacting
on their wallet.