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
MTN Swaziland offers mobile financial services with EricssonMTN has deployed Ericsson Converged Wallet to provide a premium mobile money experience for more than 275,000 mobile wallet users and 3,000 agents in Swaziland. Read More
Airtel, Kenya Red Cross launch public emergency information serviceBharti Airtel has teamed up with Kenya Red Cross Society to launch the first of its kind public emergency information service in Kenya. Read More
EcoCash gets SA approvalEcoCash and its South African partners have secured approval from the South Africa Reserve Bank to start a cross border remittance service from South Africa. Read More
KTDA, Safaricom partner on cashless paymentLeading tea management agency, Kenya Tea Development Agency (KTDA), has partnered with Safaricom to roll out a cashless payment solution at all its 66 factories across the country. Read More
Airtel launches first mobile tap and pay system in GhanaAirtel Ghana has added another first to its credits as it has rolled out an innovative service through their Airtel Money that allows a tap and pay, contactless payment based on the Near Field Communications (NFC) technology. Read More
Vodafone gives hope to Ghanaian Farmers with Vodafone Farmers ClubGhanaian farmers can now receive relevant crop and location specific information in their own language through a bespoke SIM card. Read More
Standard Bank introduces a first in SA: smart watch bankingStandard Bank today announced plans to embrace wearable technology, with the forthcoming release of its Apple Watch banking app in SA. Read More
Prepay Nation, Airtel Kenya to offer international mobile top-upPrepay Nation, a leading provider of cross-border prepaid mobile airtime transfers, has announced its partnership in Kenya with Bharti Airtel. Read More
SimbaPay launches international access to M-Pesa PayBillSimbaPay has launched the first product to allow Kenyans living abroad to make M-Pesa PayBill payments. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.