MICROCAPITAL BRIEF: Airtel, UT Bank Launch Mobile Savings Product FONBank in Ghana

Ghana-based UT Bank and the local branch of telecommunications firm Airtel reportedly will release UT FONBank, a mobile savings product. FONBank allows Airtel mobile phone customers to open UT Bank accounts and complete financial transactions without physically visiting a bank outlet. No release date for the product has been disclosed yet [1].

As of 2011, UT Bank employs approximately 600 staff and has 27 branches throughout Ghana. For the year 2009, UT Bank reported total assets of USD 140 million. Airtel Ghana serves approximately 1.76 million customers.

By Brendan Millan, Research Associate

About UT Bank: Founded in 2009, UT Bank is a commercial bank based in Ghana with subsidiaries in West Africa and Europe. For the year 2009, UT Bank reported total assets of USD 140 million.

About Airtel: Founded in 1995, Airtel is an Indian telecommunications company operating in 20 countries throughout Asia, Africa and Europe. As of 2012, Airtel has approximately 243 million customers. Airtel reported total assets of USD 20.1 billion in 2011.

Sources and Resources:

[1] Mobile Money Africa: “UT Bank, Airtel Collaborate to Launch FONBank.”, http://mobilemoneyafrica.com/ut-bank-airtel-collaborate-to-launch-fonbank/

MicroCapital.org Article, March 12, 2012, “Airtel, uniBank, Star Microinsurance Offer Free Life Insurance to Customers of Airtel Mobile Money”, https://www.microcapital.org/microcapital-brief-airtel-unibank-star-microinsurance-offer-free-life-insurance-to-customers-of-airtel-mobile-money/

MicroCapital.org Article, February 27, 2012, “FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat to Partner on Mobile Money”, https://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airtel-nigeria-glo-nigeria-etisalat-nigeria-to-partner-on-mobile-money/

MicroCapital.org Article, February 13, 2012, “Airtel Launches Mobile Money Platform in Uganda”, https://www.microcapital.org/microcapital-brief-ugandas-airtel-launches-mobile-money-platform/

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