MTN, GTB, Fortis strike mobile money deal

VALUE ADDED SERVICES

|
Image: By Lukas Ajanaku
MTN, GTB, Fortis strike mobile money deal

By Lukas Ajanaku, Lagos, Nigeria

A tripartite deal has been struck by MTN, Guaranty Trust Bank (GTB) and mobile money firm Fortis Mobile Money to roll out mobile money services in Nigeria.

Unveiling the deal in Lagos, Brett Goshen, CEO of MTN Nigeria, and Segun Agbaje, CEO of GTB, said the deal would redefine the concept of banking in the country and help bring the unbanked into the banking sector.

Agbaje said the deal marked a new dawn in the banking history of Nigeria as it is a partial fulfillment of financial inclusiveness, which is one of the goals of FSS 2020, a brainchild of the Central Bank of Nigeria (CBN). According to him, the partnership will dominate the entire landscape and become a model for other African countries to copy.

Goshen said the much awaited mobile money service would dramatically change the face of communications and financial services in Nigeria. He said it provided a whole new and exciting experience to the MTN customers, adding that not only would mobile money take banking to the previously unbanked, but it also opens up a wide range of benefits and value added services to the banked sector, including corporate, small and medium sized enterprises (SMEs) and individual users.

“Mobile money subscribers will be able to transfer money, pay bills, top up on airtime and shop, all from their mobile phones. It is innovative, easy to use, convenient and very secure,” he said.

MTN’s CEO said: “Reliable sources estimate that as many as two thirds of mobile phone users in Nigeria do not currently access formal financial services, the majority of them living in rural communities and fringe urban areas.

For MTN, mobile money represents another opportunity to bring additional added value services to our over 40 million and growing subscriber base. The use of mobile money products will not only improve the quality of people's lives but it will also encourage banking as opposed to storing one's earning in cash. Nigeria will also benefit as the impact of mobile money will flow into other segments of the society and have a multiplier effect on the economy.”

He added that the launch of mobile money service is one step further in MTN's vision to be the leader in Nigerian telecommunications, data and ICT services.

“World wide, smart phones have driven an explosive growth in mobile data usage and Nigeria is no exception. In addition, the increasing convergence of industries such as banking, media, IT and entertainment with telecoms also provides us with further opportunities to meet the needs of our customers in the short and longer term horizons,” he said.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Uber offers cashless payments in Accra through SMSGH

Uber, the innovative app that connects riders with drivers, has revealed to Biztechafrica that it has partnered with SMSGH to provide mobile payments to the Greater Accra Metropolitan Area (GAMA).  Read More

MTN drives insurance with IAS

MTN Business is set to empower insurance companies across Nigeria with an Insurance Automation Service (IAS). Read More

Integrated payment markets to fuel future growth

Congo registers strong demand momentum for international and cross-border money transfers, says TerraPay. Read More

Kirusa launches myGenie app, ad platform

Dr. Inderpal Mumick, Oluseyi Akinnibosun and Vishavjit Soni Kirusa, a global telecom and social media solutions provider, has launched myGenie app, a revolutionary free airtime App for prepaid Android users in Nigeria. Read More

Sterling Bank, AppZone’s CreditClub partner on unbanked customers

Sterling Bank Plc has signed up to AppZone’s CreditClub to leverage its agent network and banking technology platform to serve customers outside traditional branches. Read More

Africa offers potential for cashless payment

African countries share some of the world’s highest speeds of digital growth with people now constantly in pursuit of faster and more convenient ways of paying for goods and services. With the advances in technology, it is now possible to satisfy this demand at reasonable costs, delegates heard at ... Read More

Safaricom launches M-PESA bill manager service

Safaricom has launched a new service known as ‘Bill Manager’ that will enable customers to manage and pay bills via M-PESA all in a single transaction.   Read More

BankOne empowers 250 Microfinance Banks

One of Africa’s leading Information Technology platforms for micro finance banks, BankOne, has announced the signing up of its 250th client. Read More

Orange Money in France to allow money transfers to three African countries

Orange Money is available in Metropolitan France to enable Orange mobile subscribers in France to transfer money via their mobile to other Orange Money customers in Côte d'Ivoire, Mali and Senegal. Read More

Dar es Salaam gets Uber

Dar es Salaam has become the 475th city to join in Uber’s growing global network. 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.

 

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

The Tech Revolution: Sage Sets out the Vision for African Businesses

Sage, a market leader in cloud accounting software used its global Sage Summit 2016, held this week in Chicago, to outline its strong commitment to future technologies, ...