Etisalat, First Bank strike mobile money partnership
BUSINESS| Feb. 20, 2012, 6:13 p.m.
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.
MORE BUSINESS NEWS
Building an African Dream: The Wyzetalk journeyEnterprise social networking company Wyzetalk examines the challenges and opportunities it encountered as a startup in Africa. Read More
African organisations under pressure to sharpen skills retention and employee engagementBusinesses across major African economies such as Kenya and Nigeria are coming under increasing pressure to align their strategies for retaining talent, compensating employees and engaging with their workforces with good international practices. Read More
The Workplace of the FuturePhilip Gregory, Senior Regional Executive: Johnson Controls GWS, Middle East & Africa, talks about the workplace of the future, how it will impact the workforce and how businesses can navigate the tension between employee demands and the needs of the corporation. Read More
New MTN boss Ebenezer Asante starts work at MTN Ridge officeThe former Chief Executive Officer for MTN Rwanda Ebenezer Asante has started work on Friday as the new CEO of Ghana’s leading network operator MTN at its plush Ridge Head quarters in Accra. Read More
Tigo Ghana CEO 2nd on Sweden’s list of 75 young and promising womenThe CEO of Tigo Ghana limited, Roshi Motman, has been named as the second most young, promising and prominent female executive on Sweden’s tall list of 75 outstanding women. Read More
Safaricom non-voice revenue, subscriber numbers show strong growthSafaricom has reported a total revenue increase of 13% to Kshs 163.4bn, with non-voice service revenue increasing by 27% to Kshs 68.8bn. Read More
She Leads Africa launches 2015 Entrepreneur ShowcaseThe premier platform for young female entrepreneurs across Africa has launched this year’s competition, with a $15,000 cash prize for the winners. Read More
Africa highlighted as high potential tech marketAfrica’s trade potential has come under the spotlight at the 5th annual DHL Global Technology Conference in Dubai. Read More
Liquid Telecom names new Group Managing ExecutiveWillem Marais has been appointed to the post of Group Managing Executive for Liquid Telecom Group and also joins as the Chief Executive Officer of Liquid Telecom South Africa. Read More
FEATURED STORYThe transformative power of affordable smartphones and unlimited data in Ghana
Smartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye.
BEST READ NEWS
IN DEPTHNIMC infrastructure must be managed by credible people: NIMC chief
NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.
COMPANY NEWSMicrosoft, IICD launch employability hub in Ghana
Microsoft Ghana, in partnership with the International Institute for Communication and Development, has launched the TizaaWorks online platform, a one-stop online hub for employability and entrepreneurship.