Momas Electricity Meters Manufacturing Company Limited (MEMMCOL), a metering and technological solutions industry rolled out a mobile money-enabled prepaid electricity meters in accordance with Central Bank of Nigeria (CBN) directives on Cashless policy and Mobile banking to the country metering market, producing 1.2 million meter units per annum.
The meters manufacturing company, which was incorporated in 2011 and opens its 1.2 million meters capacity plant at Orimerunmu, along Lagos/Ibadan Expressway in Obafemi-Owode Local Government area of Ogun state, targets a turnover of N1.5 billion per year, representing 20 percent production capacity in African metering market.
Speaking during a factory tour in preparation of the plant commissioning, the managing director of MEMMCOL, Lucas Scaraffiotti disclosed that the company which has been “active in energy metering for more than 15 years in Nigeria”, is set to establish ten meters manufacturing plants in six more African countries, namely, South Africa, Egypt, Morocco, Tunisia, Algeria and Senegal.
RAZAQ AYINLA, Abeokuta
