Etisalat, First Bank strike mobile money partnership

BUSINESS

|
Image: FirstBank CEO Bisi Onasanya. By BiztechAfrica
FirstBank CEO Bisi Onasanya

By Lukas Ajanaku, Lagos, Nigeria

FirstBank of Nigeria has signed its third mobile money agreement with a telco this month – this time with Etisalat. Earlier, the bank signed similar agreements with Glo Mobile and Airtel Nigeria.

The latest Memorandum of Understanding (MoU), between Nigeria’s fastest growing and most innovative telecommunications company Etisalat and FirstBank of Nigeria is designed to provide seamless mobile money services to millions of Nigerians.

The MoU signing ceremony held at the Radisson Blu Hotel, Victoria Island Lagos is not only the commencement of a major shift in the landscape of e-banking services in Nigeria but also a combination of the strengths of the two leading organizations to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.

Mobile banking is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile topup, utility bill payments and government collections among others.

According to Steven Evans, Chief Executive Officer of Etisalat Nigeria: “Etisalat is already recognized as being the most innovative and fastest growing GSM operator in the Nigerian market. During 2011, we added over 4 million new subscribers reaching 11 million subscribers shortly after the end of 2011.

We are proud to be working in strategic partnership with FirstBank on this mobile money initiative and we feel that the combination of innovation and customer focus for which Etisalat is so rightly recognized, combined with the financial strength and trust with which FirstBank is held with will be a unique and successful partnership.”

Commenting on the initiative, FirstBank’s Managing Director/Chief Executive Officer, Bisi Onasanya, said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.

He added: “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5 million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.

The mobile money initiative, an integral part of the broad objectives of the FSS 20:2020 was conceived by the Central Bank of Nigeria because of its critical nature to achieving a “cashless society which is fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE BUSINESS NEWS

MTN Nigeria gets indigenous Chief Financial Officer

MTN Nigeria has announced the appointment of Adekunle Awobodu as its new Chief Financial Officer (CFO).  Read More

Networks Unlimited partners with Rubrik

Anton Jacobsz, MD at Networks Unlimited Networks Unlimited has been named as sole distributor of Rubrik converged data management solutions in Africa.  Read More

Payroll fraud: a serious threat to your business’s sustainability

Payroll is one of the largest expenses for Small & Medium Businesses and larger enterprises in West Africa, yet many organisations are neglecting the importance of managing the risk of fraud in this area of the business. Read More

Nigeria goes live with Bsystems Collateral Registry System

Nigeria has become the fourth country to roll onto the Collateral Registry System developed by Ghanaian technology solution firm Bsystems. Read More

Arbitration to support justice, says Globacom

Globacom Nigeria says its support of the International Chamber of Commerce, (ICC) Africa Regional Arbitration Conference in Lagos is a demonstration of its belief that arbitration would further enhance the cause of justice in the country. Read More

Dimension Data names new group CEO

Dimension Data has announced the appointment of Jason Goodall as Group Chief Executive Officer, as Brett Dawson, current CEO, steps down after 12 years. Read More

Solar developer Phanes Group opens African head office in SA

International solar energy developer, investment manager and asset manager Phanes Group has launched an office in Johannesburg, South Africa – its first African office.  Read More

We’re insulated from Nigeria’s forex problem, says IHS

IHS Towers says it has not been hard hit by ongoing foreign exchange (forex) squeeze in Nigeria because it is a foreign direct investment (FDI) vehicle into the country. Read More

8 Lessons for entrepreneurs who want to conquer the world

Sage Foundation Chairman Ivan Epstein outlines his top advice for entrepreneurs. Read More

TMT Finance Africa in Lagos 2016 to be launched in partnership with IHS Towers

TMT Finance and IHS Towers have announced the launch of the inaugural TMT Finance Africa in Lagos, Nigeria conference on September 20, 2016.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Government should encourage youths in ICT earlyGovernment should encourage youths in ICT early

Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.

Advertisement

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.