Last updated on December 1st, 2018 at 12:53 pm
Setting up eyowo account for personal use or for your business is as simple as dialing a friend’s number on your phone. In this guide we’ll show you how to create your own eyowo mobile wallet account.
We’ve written many guides on eyowo and softcom, but a few days back one of our followers asked: What is eyowo about?
We were not surprised because the Federal Government collateral free loan programme actually gave eyowo the huge publicity.
What is eyowo
Eyowo is a digital mobile money solution that enables you receive and send money by simply dialing a USSD code without internet connection, with internet connection, you can use the App or go online directly, whichever one you found convenient.
The point is: A phone that can send SMS is what you need to use eyowo.
Origin of the name “eyowo”
The brains behind the mobile payment gateway, softcom, didn’t say how it came about the name, but at Infomediang we do know that the name has a Yoruba origin.
Eyowo was a traditional form of commodity money that is popular and accepted as a form of payment for goods and services before the invention and legalisation of fiat money.
Popularity of eyowo mobile wallet in Nigeria
Though eyowo has its strengths and weaknesses, but we found the mobile payment solution as one of the breakthroughs of financial technology (fintech) in Nigeria.
Eyowo has been around for some months, but gains popularity during the launch of Federal Government’s collateral free loan scheme tradermoni for petty traders in Nigeria.
Since most of the petty traders don’t have bank account, the best solution for them is: mobile wallet, eyowo comes in handy.
Eyowo mobile money wallet has been in existence before tradermoni loan was launched in Nigeria
So let’s shed some light on the money mobile wallet
Eyowo is a payment gateway solution which makes opening of mobile money account easy, convenient and secure for everyone with sophisticated or “palasa” phone .
Your eyowo account makes it easy for you to receive and make payment for some services online right on your phone or without or with data-enabled phone.
This means that any kind of phone qualifies you to make payment and accept payment easily by dialing a code.
Benefits of using eyowo payment gateway:
- Request payments
- Make payments
- Ability to fund your wallet from your debit/credit card, bank deposits or other eyowo users or agent.
- Add new beneficiaries and send money from Eyowo to your bank.
- Pay for utility bills like electricity, Cable TV and pay for subscriptions.
- Recharge airtime on your phone.
- Perform transaction using *4255# USSD code.
- Requires no paper registration process.
- It’s accessible anywhere on phone or online.
- No closing hours which is common to conventional financial sectors. Anytime ,anywhere your account is accessible.
- Businesses can use Eyowo Till app to bill their customers, which allows them to monitor the inflow of cash from their tills.
- Use the eyowo till app to avoid settlement delays and connectivity issues associated with existing infrastructures like P.O.S terminals.
- Customized USSD code privileges to business through which they can receive payments on their phone number.
How to setup eyowo account
Doing this can be implemented through two methods:
1) By dialing *4255# and follow the on the screen instruction
2) By registering through eyowo homepage.
Good, follow the eyowo registration process below to to get on board if you prefer to use the online method.
Step 1: Get access to the mobile wallet homepage via https://app.eyowo.com
Step 2: Enter your phone number it could be MTN, Airtel, 9mobile, or Glo and click Get Started.
Step 3: A six-digit activation One Time Pin (e.g 463542) would be sent to your phone number, enter the OTP .
Step 4: You’ll be required to set up your own secret six digit PIN, enter any pin you will remember, yet will be difficult for someone else to guess and don’t share your 6-digit PIN with anyone.
Step 5: Access your eyowo account and tour round your dashboard to enjoy mobile banking on the go.
For eyowo phone number, check one of our previous guide.
Frequently Asked Questions (FAQ) about eyowo
For your use, we collated these Frequently Asked Questions about eyowo to make you have smooth user experience on the mobile wallet payment platform, get answers to your questions below:
How can I recover my eyowo password?
It happens, in a situation whereby you are having issues with your password, please contact its support centre for a password reset.
Ordinarily, there should be “forgot password” option to reset PIN, but at the time of compiling this guide, the option isn’t working, it could be for security reasons.
Can I use Eyowo if I don’t have a android or iOS phones?
Definitely YES! “You only need to have a working and NCC-registered phone number to receive and make payments.”
Is Eyowo trustworthy?
YES! It’s certified by Nigeria’s monetary regulatory agencies in Nigeria.
You can use eyowo mobile wallet. Your details are safe, and your personal data is secured.
The company that designed eyowo has successfully implemented great projects for top brands like MTN, Covenant University among others.
Eyowo is a Nigerian based mobile wallet payment gateway developed by softcom. Enjoy.
If you are having issue with your account check some of our previous guides on how to resolve such issues particularly if they have to do with how to transfer tradermoni fund to bank account or how to change your access code.