MTN, GTB, Fortis strike mobile money deal
VALUE ADDED SERVICES| Dec. 16, 2011, 6:20 a.m.
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.
MORE VALUE ADDED SERVICES NEWS
Terragon Group to unveil African-focused Mobile Advertising Technology at MWCNigeria-based Terragon Group is set to unveil its dynamic data monetisation and advertising platform, described as a first for mobile in developing markets, at MWC. Read More
MTN demonstrates the benefits of its video on demand offeringMTN showcased the benefits of FrontRow when it streamed high bandwidth video content onto multiple mobile devices using its video on demand (VOD) offering. Read More
Vodacom, Tigo agree on mobile money interoperabilityMillions of M-Pesa and Tigo Pesa customers in Tanzania will soon be able to send and receive money directly into each other’s wallets. This follows the recent signing of a mobile money interoperability agreement between Tigo and Vodacom. Read More
Airtel Ghana launches DOTGO SMS Web browsing serviceAirtel Ghana has deployed DOTGO’s SMS-based Internet service, which enables any mobile phone to be Internet-accessible without data or Wi-Fi. Read More
MoneyGram reaches 25,000 locations across AfricaMoneyGram has announced an agreement with Safaricom that enables consumers in over 90 countries outside Kenya to send funds directly to nearly 20 million customers of M-PESA. Read More
TrustPay defines new space in cashless payment, commerceTrustPay has officially launched a new range of innovative m/e Commerce merchant solutions it says are set to accelerate economic growth in developing markets. Read More
Econet launches Dial a DocEconet Wireless has launched a new service that will allow subscribers to access health advice 24/7 via a mobile phone. Read More
Multi-bank mobile money goes live in EthiopiaThe new interoperable HelloCash mobile money platform has gone live in Ethiopia, aiming to provide financial services to all Ethiopians. Read More
Mobile app makes work easier for health workersThe iAfya mobile health information app is gaining momentum in Kenya, as health workers increasingly use it to learn and to educate communities. Read More
FEATURED STORYMalawi Govt denies clinging to ‘Cashgate’ software
The Malawi Government will not exclude the software brand that has been in use for the country’s Integrated Financial Management System (IFMIS), but it has rejected reports implying that it is ‘clinging’ to the old system.
BEST READ NEWS
IN DEPTHKenya’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 NEWSMTN demonstrates the benefits of its video on demand offering
MTN showcased the benefits of FrontRow when it streamed high bandwidth video content onto multiple mobile devices using its video on demand (VOD) offering.VMware appoints Bask Iyer as chief information officer
VMware has announced the appointment of Bask Iyer to the role of senior vice president and chief information officer (CIO) of VMware.