JUST THE TRUE AND AUCTUAL FACTS FOLKS, IT's about to finally start
UNITED BANK FOR AFRICA Transforming Africa's Economy through FINTECH
Published on November 20, 2016
In October, the United Bank for Africa Group, PLC (“UBA”), announced at a press conference in Lagos, Nigeria, that they were launching, in partnership with California based software developer MEC, Inc. (OTC: MYEC formerly MyECheck, Inc.), a new game changing omni-channel payments and banking platform called EmailMoni.
EmailMoni is designed to facilitate societal transformation to a more electronic payment system. Most of Africa’s population still does not have access to modern bank services and uses cash exclusively for payments which is insecure and a significant impediment to economic development. EmailMoni increases access and inclusion to digital banking and payments, while reducing industry costs and improving security and convenience of banking and payments.
Designed to support the Central Bank of Nigeria’s new policy regarding cash-based transactions, EmailMoni enables real-time, secure, cashless banking and payments in a variety of consumer convenient ways utilizing numerous mobile and web applications. To be used by both bank and non-bank customers, EmailMoni will provide greater inclusion, access, security and convenience to banking and payment services in support of economic development across 20 African nations.
EmailMoni represents UBAs commitment to provide the highest quality services available by understanding customer’s lifestyle needs and delivering compelling solutions through significant investment in new technology. .
EmialMoni connects to users through mobile and web apps. According to Gartner Research, Africa mobile payment usage is the highest worldwide, with Statista.com reporting the number of mobile payment users in Africa expected to be over 100 million in 2016, compared to 37.5 million users NFC payment users in 2016 the US.
Since the M-Pesa SMS payment messaging system was introduced in Kenya and Uganda, over half of cell phone users regularly make mobile payments, and 92% of Kenyans say they have used the system, according to BI Intelligence, with 73% of those users say they use the system at least once a day. Statistics from the Central Bank of Kenya indicate that Kenyans use mobile devices to transfer over $25 billion per year, as much as 40% of the GDP of Kenya. Juniper Research reports that P2P transfers on social media apps such as Facebook are currently driving over 13 billion transactions per year.
EmailMoni mobile apps are available for Android, Apple and Blackberry operating systems, plus a Microsoft Outlook app and a Facebook app. The system can be accessed to send and/or receive money from your computer, mobile phone (smart or not), or any internet connected device. Transactions can be originated in one channel (such as MS Outlook) and completed in real-time in another channel (such as ATM), providing unparalleled flexibility and convenience. EmailMoni can be used to make purchases online and offline, and to pay bills and people instantly. EmailMoni will be used by employers to pay employees and contractors, with or without a bank account, and other distributions from business and government.
Currently available in Nigeria, EmailMoni will expand into the twenty African nations in which UBA operates within in the coming months. Now, anyone with a bank account in Nigeria can make payments or send money in real-time directly from their bank account using EmailMoni. Money can be sent to anyone, the recipient does not need a bank account to receive a payment, money can be withdrawn from ATMs using a code immediately after being sent. EmailMoni is integrated with bill payment system, mobile air-time, utility and cable providers for real-time, convenient bill payments.
UNITED BANK FOR AFRICA EmailMoni, powered by MEC, Inc, is operated by UBA Group under license to Centric Gateway.
UPDATE DEC 2and 2016 MEC on FACEBOOK
We'll provide a detailed update when we can,we are extremely busy with managing our growth. We have more demand for our services than we can currently supply so are working primarily on a plan to fund new customer implementations, everything else has taken a lower priority. We will make formal announcements in the form of press releases and filings when we can.
I have essentially disabled comments on this page because they had degraded almost to the level of iHub and we don't have time to police every comment (yes unwanted comments are deleted, fair questions are not). When I restore comments please remember this page is for discussion of the company and its software products and services ONLY, it is viewed by customers and prospects. Therefore personal attacks, company or employee bashing, or discussion about the stock price will get you deleted without warning.
UPDATE Feb 8th MEC INCORPORATED
Financial reporting status; with the recent investment, we have been able to move forward with the process of getting current with the SEC and OTC, which is costly. We should receive Q1, Q2 & Q3 financials from our accountant in Israel this week, enabling us to complete our internal financial statements and send them off to the auditor for review. The review should go relatively quickly, afterwards we will post to the OTC along with the required supporting docs, legal opinion and fees, and file the appropriate documents and forms with the SEC. Once this process has been completed, we should become, and remain, current in our filing status.
Africa: We continue to build out eMailMoni capability, adding new features, and enhancing the user experience through user feedback. The two main features we are working on currently are the ATM integration which is essentially complete, and the MasterCard integration. These systems will connect eMialMoni to non-bank users including those without a bank account, those with accounts at other banks, and users of MasterCard. Cardless ATMs allow people to withdraw cash from ATM machines without the need for a card, instead they interact with the ATM using a code. Money can be moved on our platform pay/top-up mobile airtime, pay bills and send money to anyone with an email address or mobile number.
We have fully executed agreements with a second financial institution in Africa, the deal will be announced in a press release as soon as we have signed authorization from the related parties to do so. It's a strong bank with 2 million customers and is rapidly growing.
As previously stated, our focus is on delivering industry leading mobile banking and payment solutions to our partners in Africa, and we are executing well in this regard.
