Airtel, Access Bank strike Access Money deal
By Kokumo Goodie, Lagos, Nigeria
Access Bank Plc has collaborated one of Nigeria’s leading telcos, Airtel to develop and launch a new mobile money service.
Known as Access Money, it is powered by Airtel and allows customers to perform simple, secure and instant financial transactions using their mobile phones.
According to the telco, with this innovative service, customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and buy airtime for their lines. Added to the convenience this service provides is the ability of customers to receive money through agents nationwide or through cardless withdrawals from any Access Bank ATM.
Speaking at the launch of the product at Eko Hotel & Suites, Victoria Island, Lagos this week, Group Managing Director of Access Bank, Mr. Herbert Wigwe said:“Through Access Money, we will be providing financial access to more and more people and small businesses; creating an easier channel for the distribution of financial aid; and also making it easier for government to receive taxes and deliver welfare payments."
According to him, Access bank and Airtel agreed to introduce Access Money powered by Airtel, into Nigeria’s financial landscape in line with the Financial Inclusion initiative of the Central Bank of Nigeria (CBN) even as it serves as a platform bring more and more of the under-banked and unbanked into the world of banking. “It is something that reaches new groups of people and helps them to build and grow the success stories oftomorrow. And it’s something we are proud to champion.”
In his comments, the Managing Director and Chief Executive Officer, Airtel Nigeria, Mr. Segun Ogunsanya, noted that Airtel as an innovative operator in Nigeria’s telecoms market was strategic in partnering Access Bank also one of the leading financial institutions in Nigeria to create an enabling avenue for millions of Nigerians to gain financial inclusion. With Access money powered by Airtel, millions of Nigerians will be able to make purchases, pay for services and receive payments by the touch of a simple button on their phones. “We are indeed proud of our partnership with Access Bank and hope that many Nigerians will take advantage of this product,” he said.
To deposit money into their Access Money powered by Airtel wallet, customers can go to authorised agents, any Access Bank or a registered Access Money user can transfer from their own bank account to any wallet. Customers will receive confirmation or notifications SMS for transactions performed.
The service is also aimed at promoting financial inclusion for those with no access to formal financial services. This collaboration between Airtel and Access Bank will deepen financial inclusion and bring more Nigerians into the formal financial system. This will serve to support CBN’s financial inclusion target of 80% of Nigerians by 2020.