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

Business incubator to boost 200 Zimbabwean entrepreneurs

Agnes Chikukwa-Hove, CEO of KBA Africa 200 would-be Zimbabwean entrepreneurs are set to benefit from business training and support, thanks to a business development programme to be launched by business incubation specialist KBA Africa.   Read More

Union gives Globacom 14 days to reinstate 54 sacked workers

The Private Telecoms & Communications Senior Staff Association of Nigeria (PTECSSAN) has urged Globacom to reinstate the workers it allegedly sacked from its service. Read More

British envoy promises more investors at Rack Centre

Mr Paul Arkwright, British High Commissioner to Nigeria, has promised to do his utmost to encourage more British companies to do business with their Nigerian Counterparts. Read More

UBA, Mastercard in pan-African partnership

UBA and Mastercard have announced a five year deal across 19 markets focused on driving financial inclusion in Africa. Read More

MTN Business partners with the National Gazelles to boost SMEs market

MTN Business today announced a new drive to help support the growth of small and medium enterprises (SMEs) and contribute to creating sustainable entities.  Read More

Travelport appoints new Managing Director for Africa

Travelport has announced the appointment of Douglas Jewson as Travelport’s Managing Director for Africa. Read More

Brexit’s impact on Africa

The short-term implications of Brexit for African economies will be mainly noticeable through market volatility, say Control Risks and NKC African Economics. Read More

Safaricom Blaze to take 2nd youth empowerment summit to Thika

Safaricom will this Friday, 8th July 2016, host the 2nd in a series of youth empowerment summits under its recently launched sub-brand, BLAZE. Read More

Kris Senanu to lead Telkom Kenya Enterprise Division

Telkom Kenya has announced the appointment of Mr. Kris Senanu as the MD of its Enterprise Division. Read More

Liquid Telecom, RBH to acquire Neotel

 Nic Rudnick of Liquid Telecom, Troy Reynolds of Tata Communications and Strive Masiyiwa of Econet Wireless Global  Liquid Telecom, a privately owned pan-African telecoms group majority owned by Econet Global, has entered into an agreement to acquire South African communications network operator Neotel.  Read More

PRESS OFFICES

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

FEATURED STORY

First-ever Africa Barclays Accelerator programme concludesFirst-ever Africa Barclays Accelerator programme concludes

Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.

 

Advertisement

IN DEPTH

Ethical Hacking students can’t get a heck of a jobEthical Hacking students can’t get a heck of a job

Botswana ethical hacking students report that they are failing to break into the local job market. 

COMPANY NEWS

Sage Announces the Launch of Sage 50 Accounting in East and West Africa

Sage 50 Accounting Africa edition is a full business management solution for Small and Medium Businesses.