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Huawei, fets, create an alternative to withdraw cash in Nigeria during COVID
(April 2023) In May 2020, a small shop on the outskirts of Lagos, Nigeria, put up some posters advertising a new product. The ads described a mobile wallet allowing users to access banking services through their smartphone. Within minutes, customers were inquiring about the offer.
Over half of adults in Nigeria, Africa’s most populous country, have a bank debit card. But there aren’t that many ATMs, meaning that getting cash can be time consuming. During the lockdowns and bank closures imposed in early 2020 during the COVID pandemic, access to cash became near impossible for large segments of the population.
That’s when Huawei came in here. It worked with FET, a local spouse who is Nigeria’s most productive provider of cell currency services. It has not replaced Nigeria’s coin economy, but it is much less difficult to withdraw coins.
The solution allows bank card holders to withdraw cash not only from ATMs, but also from designated agents in shops equipped with POS terminals. By scanning a code with their phone, users can withdraw cash from their bank accounts. In return for the service, licensed shops earn a reasonable handling fee, making the service a win-win situation for both agents and bank users.
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