May 19, 2020

Changing the landscape of money transfers

African Business Review
MTxpress Nigeria
Mobile Union
Steven Faulkner
Bizclik Editor
4 min
Changing the landscape of money transfers

Officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011. The World Bank’s list of countries that received the most money from migrant remittances last year saw Nigeria, Africa’s most populous country, placed seventh with an estimated $11 billion through official channels.

With those kinds of statistics, it’s no wonder that there is a tremendous opportunity to provide workers remittance services that provide an opportunity to earn revenue but also offer convenience and good value in the remittance sector. With a career working for J.P. Morgan Chase Bank, and HSBC, Steven Faulkner first learned of remittances when he became Chief Operating Officer of a division of UBA Bank in Nigeria. “With my experience in international payments and cash management and with the proliferation of the feature phone in Nigeria I knew I could change the money transfer landscape” he says.


The unique MTxpress model

Putting his ideas into practice, when he returned to the UK at the end of 2006, Faulkner co-founded Mobile Union with Nauzar Manekshaw in August 2007. “I set about designing the core system and finding the right technical partners – by coincidence Eagleeye’s Head of Technology Simon Collins had recently joined (Eagleeye Technology and Mobile Union’s technology partner) and who had previously been instrumental in the design of the M-Pesa service in Kenya during the early days of the project.

“A great collaboration between Collins and Faulkner resulted in “Mtxpress” an instant cashless remittance service from the UK to Bangladesh, Nepal and most recently, Nigeria.”

The Mtxpress service allows remittances to be sent from the UK to Nigeria both online and via mobile safely and instantly. As opposed to most other money transfer services, transactions are processed online by going to and money can either be collected in cash or credited to a bank account.

“The service is transformational in that you are not limited to the opening times of a local agent in either the send or receive country. At the destination, the recipient doesn’t have to make a special journey to collect funds or travel out in extreme conditions, such as a tropical storm to collect money. Both parties can send and receive funds in the comfort of their own home with the recipient cashing out if they need to at a time which suits them” says Faulkner.

“Unlike other services we operate a simple tariff structure, fixed transaction fee of between £1 and £6 for amounts between £100 and £1,000 with no hidden charges.

“We charge a modest commission on the foreign exchange of between 1 and 2 percent based on the prevailing official Interbank rate which means that our rates are completely transparent.”

Mobile Union Nigeria Limited is the only money transfer operator to have been given a full banking licence by the Central Bank of Nigeria (CBN) to conduct inward bound remittances into Nigeria. After starting out with the Equitorial Trust Bank (ETB), as a result of its merger with Sterling Bank MTxpress is now in 186 branches and every state in the country.


Safe and secure

Mobile Union ensures that the service is safe to conduct transactions online. “Through a combination of rigorous customer due diligence combined with state-of-the-art technology and military grade security we are able to ensure funds are delivered safely and securely,” says co-founder of Mobile Union (Nigeria) Ltd Winston Bell-Gam.

“What’s more, we can provide the sender with real-time transaction status updates providing peace of mind to the sender knowing that funds have been received in the destination.”


Sending remittances “on demand”

With the typical amount transferred to Nigeria around $200 according to Faulkner, he accepts that in order to generate mass interest in MTxpress there needs to be a shift in culture that he believes the service can bring about.

 “Our service satisfies one of the major hang-ups with money transfer operations in that you have to send higher amounts to make the transaction cost effective. What we have built enables even the smallest remittances to be sent on demand”.


Mobile wallets

The success and widespread adoption of mobile money in Kenya, where services such as M-Pesa and Orange Money have transformed financial services in the country, has set the tone for African countries like Nigeria and Southern Sudan to follow, Faulkner and Bell-Gam agree.

“Four of five adults now have a mobile money account of some description in Kenya. With the 10 licenses that the CBN has recently granted (with others to follow) our next step will be partnering with those wallet providers to be able to credit remittances  on to mobile wallets in Nigeria and removing even the need to go and cash out,” comments Faulkner.

Until this is achieved Mobile Union (Nigeria) Ltd is finalising its test plans to enable remittances to be credited to bank accounts in Nigeria.

“We look forward to playing our part in the emergence of a fully inclusive financial sector in Nigeria for whom the use of mobile financial services will become a useful tool to assist in making everyday life easier for millions of people,” says Bell-Gam.

“What’s happened in Kenya over the last 4 or 5 years and the impact of financial services has not been lost on us.”

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Jun 11, 2021

G7 Summit guide: What it is and what leaders hope to achieve

3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve, in terms of sustainability and global trade

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 


Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.


Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 


When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 


Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 


The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 


It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 


Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”


The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 


According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 


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