As part of efforts to play a leading role in the evolving cash-less society, Zenith Bank and Visafone Communications have launched EaZyMoney, a mobile money product that allows customers to save, send and spend money via their phones.

EaZyMoney is a platform that enables the use of the mobile phone as a banking tool both for the banked and the unbanked. With the mobile phone, people can open accounts, transfer funds, pay bills, top-up their phones, purchase goods and services among many other possibilities.

Like a real bank account, mobile numbers serve as the account numbers, while virtual accounts are created and tied to the mobile numbers. This is called the EaZymoney-Wallet, which allows withdrawals and deposits to be carried out from the registered mobile number through an agent or any branch of Zenith Bank.

Speaking at the launch, Mr. Peter Amangbo, Executive Director, Zenith Bank, said it represented a remarkable step in the bank’s drive to play a leading role in the emerging cash-less society being spearheaded by the Central Bank of Nigeria.

Mobile money services like EaZyMoney have the potential to serve as the easiest route to the financial inclusion of the unbanked segment of the economy.

“We are proud to be working in strategic partnership with Visafone on this mobile money initiative and we feel that the combination of innovation and customer focus for which Zenith Bank is so rightly recognized, combined with the financial strength and trust with which the bank is held will be a unique and successful partnership,” Mr. Amangbo noted.

He said the partnership with Visafone was in line with the bank’s promise of working in the best interest of customers of both organisations in providing them with innovative financial services and a platform that delivers convenience, safety and accessibility to customers.

Source: Punch