MICROCAPITAL BRIEF: Globacom Launches Glo Xchange in Nigeria to Share 42k-Agent Mobile Money Network with Customers of Ecobank, First Bank, Stanbic

Globacom, a Nigerian telecommunications company that serves 25 million mobile phone subscribers in four countries in Africa, reportedly has launched Glo Xchange, opening its network of 42,000 agents to the following mobile money operators: FirstMonie, a mobile money initiative backed by First Bank of Nigeria; Ecobank, which has operations in 29 African countries; and Stanbic, a commercial bank that operates in Nigeria and Uganda.

Customers of these services will be able to upload and withdraw cash at the agents, which include 400 Conoil fuel retailers, 7,000 pharmacies and 150 “Glo World” and “Glo Zone” shops. The new service includes both e-commerce and cash-to-mobile transactions.

By Emily Teleposky, Research Associate

About Globacom Limited:
Globacom Limited is a Nigeria-based multinational telecommunications company that offers mobile phone services and mobile banking. Launched in 2003, it operates in Côte d’Ivoire, Ghana, Nigeria and the Republic of Benin as of 2014. The firm recently created Glo Xchange, a mobile money service in Nigeria As of 2009, the most recent data available as of 2014, Globacom Limited has 25 million subscribers. It is privately held by Nigeria’s Mike Adenuga Group.

About EcoBank:
Incorporated in 1985, Ecobank offers wholesale, retail, investment and transaction banking services and products. By year-end 2012, Ecobank had USD 20 billion in assets, with 13.7 million customers and 1,200 branches in 29 countries.

Additional Sources and Resources:

[1] Glo Xchange, Beginning of Deeper Collaboration Between Banks, Telecos — CBN, http://www.gloworld.com/nigeria/news-and-education/glo-xchange-beginning-of-deeper-collaboration-between-banks-telcos-cbn/

[2] MICROCAPITAL BRIEF: First Bank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat Nigeria to Partner on Mobile Money, February 12, 2012, https://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airtel-nigeria-glo-nigeria-etisalat-nigeria-to-partner-on-mobile-money/

[3] MICROCAPITAL BRIEF: GloMobile Nigeria, TransferTo Launch Top-Up Service in Nigeria, Allowing Customers to Send, Receive Mobile Phone Time Internationally, November 1, 2011 https://www.microcapital.org/microcapital-brief-glomobile-nigeria-transferto-launch-top-up-service-in-nigeria-allowing-customers-to-send-receive-mobile-phone-airtime-internationally/

[4] Globacom’s New Direction for Mobile Money Development in Nigeria, http://businessdayonline.com/2014/09/globacoms-new-direction-for-mobile-money-development-in-nigeria/

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