BuxMe Makes a Social Media-Fueled Move into Nigerian Mobile Payments

It would almost be an unwise move to release a new mobile payments system into a market so fairly well glutted with such offerings, at least, unless it had some kind of new edge or twist to make it worthwhile.

BuxMe, whom recently launched into the Nigerian mobile payments market, may well have that edge thanks to an unexpected social media focus.

BuxMe, what appears to be the official release from Wema Bank, delivers a fast and easy way to send money from anyone to pretty much anyone else, using just about anything from phone numbers to email addresses to even account numbers as identifying characteristics.

Register, create a profile, add a picture—yes, users can add pictures on this one—and then, in much the same way a social media operation would allow, users can add friends to individual profiles and be added to those of other people. For those people, making transfers becomes even easier still since all the information is in place.

Better yet, even those who don’t have a BuxMe account can still receive payments from BuxMe users, either by clicking an Accept button contained in an email, or following a link in a short message service (SMS) transmission.

Reports suggest that there’s a transnational fee for making payments to users in other countries, though reports note that these charges are lower than those commonly paid at either automated teller machines (ATMs) or within banks themselves.

Comparatively simple, relatively basic, with a bit of a social media edge. That’s not too terrible a prospect and, particularly in the Nigeria area, will likely draw some interest.

That social media concept is one others might want to look into, particularly since peer-to-peer payments are so sparse on the ground as it is. It could be exactly what’s needed to give other mobile payments operations that extra edge.

A market glutted with alternatives must see individual products innovate to survive. While BuxMe’s innovation may prove too easily mimicked for its own good, it’s still an innovation to see, and one that may prove popular in the months ahead.