M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from abroad, he/she had to use Western Union , Money Gram or travel  long distances. But with FinTech , the typical banking problems are getting resolved. This is where M-Naria comes into the picture, to bridge the gap in remittances, mobile payments, and financial inclusion.  

Most importantly, M-Naira is designed to ensure quick and more secure way to send money and remit money home directly to a bank account or mobile wallet. So, essentially one can pay  bills for their family and friends from anywhere, whenever.

Let’s Meet M-Naira

Mayowa Ihnmikaiye is the cofounder of M-Naira, and also the marketing officer of BeepTool CIS Limited.  One of the problems he was looking to solve was to design a transfer service platform that interconnects all the Nigerian bank accounts, mobile wallets, and billing systems. Which delivers instant remittance services to Nigerians anywhere in the world.

 However, with M-Naira, instant transfer is available from any UK, USA and EU approved countries to Nigeria. Also, it is a 24/7 rotation service delivery, real-time updates on transfers – to know where exactly your money is, with zero debit or credit fees.  Not only is M-Naira making remittances affordable and stress-free. But is bridging the financial inclusion gap, as well as  connecting Nigerians living in the rural area to the financial world using Nano-satellites. Despite poor or no connectivity in those areas, with the nano-satellites it allows the people have access to M-naira to send or receive payments for goods and services.


M-Naira’s Features   

Asides remittances, M-Naira works directly with service providers to enable payments for services such as utilities, healthcare, school tuition e.t.c.  You can send and transfer money to your loved ones across UK, USA and Eu approved countries to Nigeria. And also pool funds together  in form of a peer –to-peer banking system, which has been made available  to encourage savings.

Pay with M-Naira: 

This feature allows users to pay merchants instantly using QR Scan code. How cool is that?  It is a contactless payment method in which payments are made using QR code from the m-naira app. If you are seller or a merchant, you can receive payments from someone, just by entering the amount and the M-naira will generate a QR code for you. Then, share the code to whom you want to receive money from and get credit. Similarly works for a buyer or one who wants to make payments. Scan the QR code sent by the receiver and your transaction is processed.


The Blink with M-naira:

a method of payment available in M-naira  allowing  users to make payments in-store and online, withdraw and deposit cash at ATMs or agent locations. It can only be done by a generated BLINK Checks (a one-time 6 digit code), which would allow you make payments at ATMs or agent location cash withdrawals.

How it works?

  • Select the Blink within M-naira app
  • Enter the amount you wish to pay or send
  • The next page shows the amount you want to transfer, convenience fee and the total amount to pay.
  • Confirm and Verify the QR code sent to you
  • You can share to a nearby M-naria agent  to validate the token
  • Once it has been confirmed by the agent, confirm and y0ur transaction is completed.


Esusu with M-naira:  

M-naira’s esusu  is a peer to peer savings and loan service. Similarly system with the traditional rotating loans, savings, and cooperative  society. The difference is this one works online. And alllows you to save with a group of friends or family members, or borrow money monthly.  

Note: The esusu charges a flat subscription fee of 2.5% per pay out cycle to whoever is taking the slot for a lump sum.


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