" ITREALMS: MTN, Stanbic IBTC explain partnership on mobile money


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Wednesday, April 04, 2012

MTN, Stanbic IBTC explain partnership on mobile money

L-R: Dev: eBusiness Manager, Stanbic IBTC Bank, Mr. Francis Nwoboshi;
 CEO, Stanbic IBTC Bank, Mrs. Sola David   -Borha; Chief Executive Officer, 
MTN Nigeria, Mr. Brett Goschen; and General Manager, Mobile Money 
Marketing and Strategy, MTN Nigeria, Mr. Usoro Anthony Usoro
 at the signing ceremony.

Dominant operator in the Nigeria’s telecommunications market, MTN Nigeria and Stanbic IBTC Bank are partnering to push the case of cash-lite further with signing of recent Memorandum of Understanding.

The event which held in Lagos, saw the Chief Executive Officers of the two organisations reiterating their commitments to repositioning of electronic payment (e-payment) in the economy.

They described the partnership as representing a major step in Nigeria’s e-payment segment and will assist in the provision of secure, convenient and user-friendly mobile money services to millions of people across the country.

Chief Executive Officer, MTN Nigeria, Mr. Brett Goschen, was quoted as saying in a press statement made available to ITRealms Online, that MTN’s partnership with Stanbic IBTC Bank is in accordance with the telecommunications company’s promise to empower its customers by providing them with improved services and more innovative applications.

“Deployment of the mobile money service in Nigeria is gradually changing the process of managing financial transactions in the country. We are proud to partner with Stanbic IBTC Bank on facilitating this positive change,” he said.

Also, Goschen said that mobile money, while bringing banking services to the previously unbanked, equally 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 customers.

Commenting, the CEO of Stanbic IBTC, Mrs. Sola David-Borha, said the partnership would avail the bank of MTN’s nationwide platform to provide mobile payment services and in the process break down the traditional barriers hindering financial inclusion of millions of Nigerians.

She stressed that this would bring about low cost, secure and convenient financial services to urban, semi-urban and rural areas across the country, opening a new channel of financial services delivery and complementing the Central Bank of Nigeria’s quest to usher in a cashless economy in the country. 

Mrs. David-Borha said her bank was very pleased to partner with MTN on this strategic initiative.

“Our goal is to increase access to mobile money service through this platform by providing an entry point for people that would not ordinarily come into banking halls. The partnership will also provide the banked with an alternative to handling physical cash by getting them to do basic transactions using the mobile banking network,” she said.

Additionally, she noted that they are leveraging on banking expertise, the large subscriber base of the MTN network and the knowledge users have of the mobile phone to deliver non-traditional, low cost financial services to all Nigerians, unbanked artisans, traders, market women and farmers among others, as well as under-banked individuals,” she stated.

ITRealms Online recalls that the mobile money initiative, an integral part of the broad objectives of the FSS 20:2020 was conceived by the Central Bank of Nigeria as a result of its critical nature to achieving a cashless society which, according to the apex bank, is fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.
MTN Nigeria Communications Limited is the acclaimed largest mobile operator in Nigeria and West 

It is also the largest subsidiary in the MTN Group; a multi-national telecommunications company which offers voice and data communications products and services to individuals and businesses in 21 countries across Africa and the Middle East.

MTN’s vision is to be the leading provider of Information and Communication Technology (ICT) services and alter the way Nigerians live, work and play while its mission is to provide first class network quality, customer service and value to all of its subscribers across Nigeria.

Remmy Nweke

ITREALMS Online ... delivering news for ICT4D

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