Nigeria-based Guaranty Trust Bank (GTBank) has partnered with Mobile Telecommunications Network (MTN), a telecommunications provider based in South Africa, to offer mobile banking services in Nigeria.
According to Mr Segun Agbaje, managing director of GTBank, the new services will include phone-to-phone transfers and phone-to-cash transfers, including the ability for clients to add money to their accounts by purchasing scratch cards. Mr Agbaje added that subscribers could send money to recipients without bank accounts or cell phones, as cash could be collected from the nearest accredited MTN retailer.
With reported assets of USD 10.4 billion, GTBank has about 150 branches in Nigeria, as well as locations in Gambia, Ghana, Liberia and Sierra Leone.
By Rick Altieri, Research Associate
About Mobile Telecommunications Network (MTN): Established in South Africa in 1994, Mobile Telecommunications Network (external link) (MTN) is a multinational telecommunications group that provides cellular telephone service. As of December 2009, MTN provides its services to approximately 116 million subscribers in 21 countries in Africa and the Middle East. MTN reported in its 2009 financial statements total assets of ZAR 156 billion (USD 22.5 billion) and a return on assets of 19.4 percent.
About Guaranty Trust Bank (GTBank): Incorporated in July 1990, Nigeria’s Guaranty Trust Bank (GTBank) was a private limited liability company, wholly owned by Nigerian individuals and institutions. In September 1996, GTBank became a publicly quoted company. In February 2002, the bank was granted a universal banking license. With reported assets equivalent to USD 10.4 billion, GTBank has about 150 branches in Nigeria, as well as locations in Gambia, Ghana, Liberia and Sierra Leone.
Sources and Additional Resources:
Mobile Money Africa: “GTBank Inaugurates Mobile Money Services with MTN”, May 20, 2011. http://mobilemoneyafrica.com/?p=3572
MicroCapital.org Brief, “CGAP (Consultative Group to Assist the Poor) Microfinance Blog Discusses Role of Mobile Phones in Integrating Savings, Payments, Budgeting Services”, May 10, 2011. https://www.microcapital.org/microcapital-brief-cgap-consultative-group-to-assist-the-poor-microfinance-blog-discusses-role-of-mobile-phones-in-integrating-savings-payments-budgeting-services/
MicroCapital.org Brief, “Goodwell West Africa Invests in Nigerian Mobile Money Service, Paga”, May 9, 2011. https://www.microcapital.org/microcapital-brief-goodwell-west-africa-invests-in-nigerian-mobile-money-service-paga/
MicroCapital.org Brief, “Branchless and Mobile Banking Could Become Top Microfinance Channel by 2020 Says CGAP Focus Note”, December 14, 2009. https://www.microcapital.org/microcapital-brief-branchless-and-mobile-banking-could-become-top-microfinance-channel-by-2020-says-cgap-focus-note/
MicroCapital’s Microfinance Universe Profile: Mobile Telecommunications Network (MTN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mobile+Telecommunications+Network+%28MTN%29
MicroCapital’s Microfinance Universe Profile: Guaranty Trust Bank (GTBank), https://www.microcapital.org/team/node/9100
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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