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

comments powered by Disqus

MORE BUSINESS NEWS

Equity Group appoints Bhartesh Shah as COO

Equity Group Holdings has announced the appointment of Mr. Bhartesh Shah to the Chief Operations Officer (COO) position. Read More

The nine top trends in CEM today

Customer experience management that genuinely enhances customer ‘stickiness’ depends on new strategies and now mindsets, says Frost & Sullivan. Read More

MTN, former ATCON chief disagree over naira devaluation

MTN Nigeria and a former president, Association of Telecoms Companies of Nigeria (ATCON) have disagreed over further devaluation of the naira. Read More

MTN Business launches Supplier Development Programme in Mpumalanga

MTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa.  Read More

VMware appoints Senior Vice President and GM of EMEA

VMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA.  Read More

InfoGraphics chief urges investment in tech start-ups

The Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More

Convergence Partners acquires stake in Nigerian Fintech firm

Convergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More

MTN Business augments its management team further with key strategic appointment

MTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector.  Read More

SA Competition Tribunal approves Telkom-BCX merger

Business Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More

Kenyan SACCOS riding on innovation to attract customers

As confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

Young innovators shine during pitch sessionsYoung innovators shine during pitch sessions

Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.

IN DEPTH

High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.