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| *Rajan Swaroop, CEO, Airtel Nigeria (left) & Bisi Onasanya, GMD/CEO of First Bank Plc at the MoU signing event |
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| *CEO, Etisalat Nigeria, Steven Evans (left) and the GMD/CEO, First Bank of Nigeria Plc, Mr Bisi Onasanya at the MoU signing ceremony |
As Nigeria joins the league of Nations providing mobile money service, two leading telecommunications services providers, Airtel Nigeria and Etisalat Nigeria have separately entered into agreement with one of the country’s financial giants, FirstBank Plc aimed at providing seamless mobile money services to millions of Nigerians.
At the signing of a Memorandum of Understanding (MoU) between Airtel Nigeria and FirstBank Plc in Lagos recently, the two companies promised to combine their strengths to provide secure, convenient and user-friendly mobile banking services to unbanked people of the country via mobile phones.
Elsewhere, at the signing of a Memorandum of Understanding (MoU) between another telecom services provider, Etisalat Nigeria and FirstBank Plc, the two companies assured that the event does not only mark the commencement of a major shift in the landscape of e-banking services in Nigeria but also a combination of the strengths of the two leading organizations to provide secure, convenient and user-friendly mobile banking services to the unbanked through the use of mobile phones.
Mobile banking is the use of mobile phones to remotely access bank accounts, primarily for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
Chief Executive Officer and Managing Director, Airtel Nigeria, Mr. Rajan Swaroop, said at the event: "Partnering First Bank to bring mobile financial services to all corners of the country further demonstrates Airtel's commitment to Nigeria and supports the concept of borderless mobile telecoms services across the country.
“Indeed, we are excited to partner with one of the biggest financial institutions in the country. This partnership will, without a doubt, assist us in realizing our vision of empowering more Nigerians with innovative and affordable mobile financial services. At Airtel Nigeria, we are committed to creating value propositions that will delight, enrich and benefit our customers regardless of their income level and location.”
FirstBank’s Managing Director/Chief Executive Officer, Mr. Bisi Onasanya said mobile banking is hinged on three planks which are defined in terms of financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services.
He added that “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,500 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 1,200 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.”
At the other event, Chief Executive Officer, Etisalat Nigeria noted: “Etisalat is already recognized as being the most innovative and fastest growing GSM operator in the Nigerian market. During 2011, we added over 4 million new subscribers reaching 11 million subscribers shortly after the end of 2011.
“We are proud to be working in strategic partnership with FirstBank on this mobile money initiative and we feel that the combination of innovation and customer focus for which Etisalat is so rightly recognized, combined with the financial strength and trust with which FirstBank is held with will be a unique and successful partnership”.
The mobile money initiative, an integral part of the broad objectives of the FSS 20:2020 was conceived by the Central Bank of Nigeria because of its critical nature to achieving a “cashless society which is fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.
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