MICROCAPITAL BRIEF: Etisalat, First Bank of Nigeria Merge Easywallet, Firstmonie Mobile Money

Etisalat, a United Arab Emirates-based telecommunications services provider, and First Bank of Nigeria (FBN), a commercial bank based in the Nigerian state of Lagos, recently fused FBN’s “Firstmonie Mobile Money,” a service that allows customers to access their FirstBank accounts as well as transfer funds through their mobile devices [2], and Etisalat’s “Easywallet,” a service allowing money transfers, airtime top-up, and payment for goods and services via mobile phones [3].

Folake Ani-Mumuney, Head of Marketing and Corporate Communications at FBN, said: “Firstmonie has continued to show its commitment to upholding the financial inclusion drive by the Central Bank of Nigeria, and this is evident in its recent award of the Best Mobile Money Operator in Nigeria by the EFInA Financial Inclusion Awards”  [1]

As of July 2013, Etisalat reported net revenues of AED 32.9 billion (USD 9 billion) and net profit of AED 13.2 billion (USD 3.6 billion) from operations in 15 countries in the Middle East, Africa and Asia. The firm’s total number of subscribers is unavailable. As of March 2012, First Bank Group reports assets of NGN 3.24 trillion (USD 17 billion).

By Julia Marín, Research Associate

About Emirates Telecommunications Corporation (Etisalat)

Founded in 1976, the Emirates Telecommunications Corporation, which uses the trade name Etisalat, is a United Arab Emirates-based telecommunications services provider. Since 1983, the United Arab Emirates government has held a 60-percent share of the company, leaving the remaining 40 percent to be publicly traded. As of July 2013, Etisalat reported net revenues of AED 32.9 billion (USD 9 billion) and net profit of AED 13.2 billion (USD 3.6 billion) from operations in 15 countries in the Middle East, Africa and Asia. The firm’s total number of subscribers is unavailable.

About First Bank of Nigeria

First Bank commenced operations in Nigeria as an arm of the Bank of British West Africa Limited (BBWA). It was incorporated as a private limited liability company in Nigeria in 1969 and converted to a public company in 1970. The bank offers commercial banking services while its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria Limited, First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, FBN Insurance Brokers Limited, First Funds Limited, FBN Micro Finance Bank Limited and FBN Bureau de Change Limited carry on the business of commercial banking, trusteeship, capital market trading, pension fund custodian, mortgage financing, insurance brokerage, small-scale banking and bureau de change activities. As of March 2012, First Bank Group reports assets of NGN 3.24 trillion (USD 17 billion).

Sources and Additional Resources

[1] Ventures, FirstBank, Etisalat Collude On New Mobile Money Scheme 

[2] MicroCapial, November 19, 2012, First Bank of Nigeria, Computer Warehouse Group (CWG) Launch Firstmonie Mobile Money Service 

[3] MicroCapial, October 5, 2012, Etisalat Rolls Out Mobile Money Service in Nigeria 

MicroCapital, October 5, 2012,  Etisalat Rolls Out Mobile Money Service in Nigeria 

MicroCapital Universe Profile: Emirates Telecommunications Corporation (Etisalat) 

MicroCapital Universe Profile: First Bank of Nigeria Plc 

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