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

The benefit cycle: how ICT and skills will sustain each-other in developing Africa

ICTs can develop skills, which in turn can develop the ICT sector, in a ‘benefit cycle’ that can propel Africa into the mainstream knowledge economy. But more effort is needed to get this wheel rolling, says Ayanda Dlamini, Business Development Manager at LGR Telecommunications. Read More

Nigerian carrier frets over naira devaluation, general elections

National carrier Globacom says it is worried over the devaluation of the naira and the uncertainties hanging in the air about next month’s general elections in the country. Read More

150 entrepreneurs advance to quarter-finals of Digital Change-makers competition

150 young Ghanaian entrepreneurs with varied digital solutions to improve the lives of Ghanaians, especially children, have made it to the quarter-finals of the Tigo Digital Change-makers competition. Read More

VMware reports fourth quarter and full year 2014 results

VMware, the global leader in virtualisation and cloud infrastructure, has announced financial results for the fourth quarter and full year of 2014. Read More

Maroc Telecom completes Moov takeover for 474 million euros

Maroc Telecom said this week that it has completed the takeover of all Moov operations in six African countries to the total value of 474 million euros. Read More

Citrix: SA office workers lose up to 559 hours a year due to lack of flexible work options

A Citrix study has found 20% of South African office workers work longer hours than contracted; losing up to 559 hours per year. Flexible working hours and the use of technology could improve the situation, it says. Read More

Wananchi Telecom prepares for rapid growth across Africa with global network services from Epsilon

Leading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More

Setback for BTCL IPO as workers cry broke

With the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More

Nomanini takes Africa by storm using Google Cloud Platform

Nomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform.  Read More

Airtel Kenya announces senior management appointments

Airtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively.   Read More

PRESS OFFICES

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

FEATURED STORY

UCC launches 2015 ACIA awardsUCC launches 2015 ACIA awards

Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.

IN DEPTH

Kenya’s digital TV battle hots up Kenya’s digital TV battle hots up

Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.

COMPANY NEWS

Albany CTG, Microsoft, collaborate on School of Government Program

The University at Albany’s Center for Technology in Government (CTG) has announced its collaboration with Microsoft Corporation to deliver executive level training to government leaders in Africa ...