iRecharge Tech-Innovations LTD, an industry player with focus on Consumer services, Digital Alternatives, Payment processing and Enterprise Business Application, has announced the launch of a new system of bill payment. An industry first, the new solution is simply an interface that makes recurrent utility bills payment easier and more convenient.
Explaining its main functionality, Chief Executive Officer of the tech outfit, Mr. Tomi Araromi, said electricity meters and cable TV decoders now have their unique bank account numbers; adding that the new service enables customers to make their electricity bill payments and TV subscriptions by transferring preferred value amount to a unique NUBAN account number assigned to their meters and decoders.
Upon successful fund transfer, electricity tokens are received and TV channels are renewed within seconds at no extra cost.
Mr. Araromi further explained the new solution protects consumers from vulnerabilities associated with card exposure online and also reduces the number of steps and time spent paying bills on mobile applications or at physical points of sale.
Asked about the user-friendliness of the new system, Mr. Araromi said, the solution can be used by every strata of society as it does not require internet connectivity to be employed.
He said the interface is fully integrated with USSD functionality and can be accessed by dialing *6606*1#.
Reacting to the development, Chief Financial Officer of Kaduna Electricity Distribution Company, Mr. Tajudeen Gwadabe, said the innovation was timely and will enhance the financial bottom-line of electricity distribution companies as the ease and convenience the solution provides would boost consumers’ confidence in bill payments.
He affirmed that the solution will further drive the cashless policy of Electricity Distribution Companies and their quest to block revenue leakages through energy theft.
Experts say the new shift saves time for customers and the entire bill paying ecosystem as customers only need to retrieve the account number for the utility or service once. This mechanism promotes inclusion as payment for electricity tokens or cable subscription can be made via any of the banking channels such as ATM machines, bank mobile apps or USSD, Internet banking, bank deposit and all POS agents.