MTN Nigeria has partnered with Computer Warehouse Group (CWG), a pan-African ICT company, to launch the MTN XaaS platform, an e-commerce solution designed for microfinance, savings and loans, cooperative and other small scale financial institutions.

The introduction of the mobile commerce platform is in line with the country’s financial sectors’ vision 2020 which aims to make financial services accessible to the banked and unbanked population in a cost effective manner, the statement read.

The mobile payment solution will empower banks and Mobile Money operators to roll out innovative mobile financial services to their numerous customers via mobile telephony, one of which is the just launched MTN Yellow Diamond Account.

According to CWG, payment solution, which includes electronic payments, is an important aspect of its growth story in the country and that there is potential growth in the payment solutions space in the banking and finance sector in the country.

MTN would jointly create a business model that would set new paradigms for mobile commerce, Group Managing Director of CWG,  Mr. Austin Okere said.

The platform would enable millions of bank and mobile network customers to make cashless payments and settlements through their mobile phones, he added.

CWG is a leading player in the banking and financial sector while MTN is Nigeria’s largest telecom operator by subscriber base.