MTN, GTB, Fortis strike mobile money deal


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

comments powered by Disqus


Airtel, Tigo in interoperable mobile money pilot

Airtel Rwanda and Tigo Rwanda have announced a partnership to pilot interoperability between their two mobile money transfer service platforms. Read More

Tigo upgrades Self-Care app

With its commitment to forefront technology and develop solutions to serve customers better, Tigo Ghana has upgraded its channels to provide customers with easy access to all of their communication needs on-the-go. Read More

Firm develops Tsaboin Traffic Talk to address city gridlock

Management of Nigeria’s biggest traffic monitoring site, Tsaboin Traffic Talk, has restated its commitment towards easing the challenge of traffic gridlock experienced by road users in Lagos State. Read More

Safaricom aims for 30% more Lipa Na M-PESA transactions

Safaricom has announced that it plans to increase usage of Lipa Na M-PESA by 30% throughout the financial year, as it steps up its plans to grow cashless transaction space. Read More

MTN launches e-Health service in Cameroon

A new MTN mobile health platform authorised by Cameroon’s Ministry of Public Health and exploited in partnership with the Cameroon National Medical Council is expected to improve access to health services in Cameroon. Read More

KCB signs deal with GoSwiff to embed its Cashlite agenda

KCB in conjunction with GoSwiff - a global mobile commerce and marketing solutions provider- have unveiled a strategic deal to offer a new mobile payment facility targeting Kenyan merchants. Read More

Orange Money launches mobile crowdfunding

Orange is launching Africa's first mobile crowdfunding platform in Côte d'Ivoire: Orange Collecte. Read More

MTN zero-rates FrontRow data usage

MTN subscribers are in for an entertainment treat following the announcement by MTN that it has zero rated the data usage for streaming content on FrontRow. Read More

Orange postpaid customers to pay bills online

Orange Telkom Kenya post paid subscribers are now able to pay their monthly bills online. Read More

TransUnion launches Nipashe credit checking solution for Kenya

TransUnion has launched an innovative new SMS short code solution that enables consumers in Kenya to easily access their credit information.  Read More


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


Connectivity critical for Nigeria's ICT sector, says SES chiefConnectivity critical for Nigeria's ICT sector, says SES chief

Connectivity is vital for any country to fully optimise the huge potential of cyberspace, SES Sales Manager for West Africa Joy Nma Emenike tells Kokumo Goodie.


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.